US multi-asset brokerage Interactive Brokers (NASDAQ:IBKR) has signed a definitive agreement with Two Sigma Securities to divest its US options market-making business Timber Hill, reports the information service of Nasdaq.
Details of the deal were not disclosed, but the deal is expected to close in September and is subjec to regulatory approvals.
Earlier this year Interactive Brokers announced its plans to cease offering options market making services on a global scale. The reason given was the dropping interest in such services and the piling losses.
According to Nasdaq, the deal would place Two Sigma Securities among the leaders of the options and equities market makers. Its offering would expand with over 7000 US equities and options on 1300 underlying securities.
Connecticut-based Interactive Brokers is a broker and a market maker. It, together with its numerous subsidiaries, offers online automated trading of stocks, options, futures, forex, bonds, contracts for difference (CFDs) and funds to traders, investors and institutions in over 100 market across the globe. It has offices in the North America, Europe, Australia, and Asia. The group companies holds licenses by the relevant authorities in the US and the UK.