Over-the-counter broker GFI has moved to reposition itself to take advantage of regulatory changes that will force some of its main traded products on to exchanges by acquiring Kyte Group, the listed derivatives firm set up by ex-Liffe floor broker David Kyte in 1985.

GFI Group, which is listed on Nasdaq in New York, said this morning it has agreed to acquire 70% of the Kyte Group and Kyte Capital Management for about £38.3m (€46.1m), made up of £22.4m in cash and £15.9m worth of GFI shares.