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ETC Global closes $68m financing agreement for build out of global clearing services

Tuesday, August 01, 2017

Komfie Manalo, Opalesque Asia:

ETC Global Group said that it has completed a $68m financing facility in committed capital to Cerberus Capital Management, L.P. and Quantlab Investments LLC along with their affiliates. ETC Global made the financing agreement on behalf of its subsidiary companies, ETC Global Holdings Inc., Electronic Transaction Clearing, Inc., and Electronic Transaction Clearing Canada Inc.

"We at ETC are very excited to have Cerberus and Quantlab working along with us as we build upon and expand our capabilities in providing quality and efficient securities clearing services. Cerberus brings a wealth of resources, talent and relationships, as well as the financial wherewithal to help ETC realize and take advantage of the many clearing and prime brokerage opportunities we see in the market today. Quantlab, who has been a long-time supporter of the company, brings knowledge and expertise in understanding the securities markets both domestically and abroad that will help ETC continually perfect its clearing processes," said Harvey Cloyd, CEO of ETC Global Group.

Proceeds from the financing will allow ETC to immediately expand its United States and Canada broker dealer clearing operations and position the company for further growth into new asset classes including options and FX, new product offerings including prime brokerage and stock loan, and other geographical regions, such as Europe.

"Cerberus is pleased to help ETC reach this important mil......................

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