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ChemConnect buys offline broker

Published on .

San Francisco-Chemical e-marketplace ChemConnect Inc. Tuesday said it has acquired Universal Chemical Brokerage Ltd., a brick-and-mortar petrochemical brokerage. Over time, UCB will move its phone brokers onto ChemConnect's Internet-based exchange. For ChemConnect, the deal gives the e-marketplace added liquidity, which in turn will help the exchange attract yet more trading volume. ChemConnect rolled out a new commodities floor over the summer, where pre-approved members can trade in real-time through trading hubs based in Antwerp-Rotterdam, Singapore and Houston.
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