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La Branche & Co history
La Branche & Co company history timeline
He moved into the NYSE's new Wall Street building in 1903 and started trading as LaBranche & Co.
Along with a son (also George M.L. LaBranche), who also bought a seat on the exchange, in 1923, he founded LaBranche & Co.
LLC, a partnership, in 1924.
1924: LaBranche & Co. is founded by George M.L. LaBranche.
The elder LaBranche retired in 1946 and was succeeded as senior partner of the firm by his son.
In 1973 LaBranche & Co. was a specialist for the stock issues of 28 companies, including AT & T, Atlantic Richfield Co., McDonnell Douglas Corp., and E.F. Hutton & Co.
1973: LaBranche is the specialist for 28 New York Stock Exchange listings.
In 1998 LaBranche's 36 managing directors received $60.2 million in compensation--an average of $1.7 million each.
In 1999 the stocks for which LaBranche acted as specialist accounted for 14.5 percent of the dollar volume of common stock traded on the exchange.
In 1999 the firm received 75.1 percent of its revenue from trading in specialist stocks and 18.5 percent from commissions.
LaBranche said it will continue to operate as a market maker for exchange-traded funds, equity options, foreign-exchange options and futures, which have together contributed the majority of its market-making revenue since 2007.
Barclays said the deal is expected to complete in the first quarter of 2010 and that it will work with the NYSE to reallocate some of the acquired portfolio to maintain diversification among market makers.
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