Asset manager BlackRock is to launch its own global trading platform, it has emerged.
According to the Financial Times, the company intends to utilize the system to rival those used by many firms on Wall Street.
The business will have around $3,000 billion in assets under management once it has completed its acquisition of Barclays Global Investors (BGI) in December and it has appointed Minder Cheng of BGI to oversee the launch of the platform.
BlackRock said in a leaked internal memo seen by the news source that the new offering will "fully realize the cost efficiencies and trading opportunities across all asset classes as we become one of the largest trading operations in the world".
Those familiar with the plan - which is said to still be in its early stages - explained that BlackRock will not be charging fees for the service due to the fact that it is being introduced in order to save clients money.
The company reached a deal worth around $13.5 billion for BGI in June.
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