In Brief: Merrill Lynch to Buy Ill. Clearing House

Published March 07, 2005, 2:00 a.m. EST

Updated March 04, 2005, 5:01 p.m. EST

1 Min Read

Merrill Lynch & Co. has announced an agreement to buy Pax Clearing Corp., a Chicago options, stock, and futures clearing company.

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Pax is to become part of Merrill Lynch Professional Clearing, or ML Pro, the company said Thursday. The deal, whose terms were not disclosed, would let Merrill Lynch develop scale in the clearing business and enhance its client services.

Founded in 1996, Pax offers securities-trading-related services including option and stock clearance and execution, financing, technology infrastructure, risk management, and administration.

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