US-based financial services firm INTL FCStone has agreed to acquire Luxembourg-based independent interdealer broker Carl Kliem.

Carl Kliem offers foreign exchange, interest rate and fixed income products to institutional clients across the European Union. The firm has a workforce of around 40 and over 400 active institutional clients.

The transaction, whose terms were not disclosed, is subject to regulatory approval.

INTL FCStone CEO of EMEA Philip Smith said: “We’re thrilled at the prospect of adding the Carl Kliem team to our extensive and multi-product team.

“This acquisition represents a tremendous opportunity to leverage a very strong European client base with the full breadth of product offering available within the INTL FCStone group. At the same time this acquisition provides an EU-based footprint for INTL FCStone post Brexit.”

The deal will offer Carl Kliem clients access to INTL FCStone’s suite of exchange traded and over-the-counter products, clearing capabilities and global market access.

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Carl Kliem managing director Mika Valanki said: “In addition to the countless market-driven opportunities, Carl Kliem will also benefit from the access to INTL FCStone’s infrastructure and resources to the benefit of staff and clients alike.”