Fidelity Investments purchase of UBS PaineWebber's securities clearing business has cleared the first hurdle. Yesterday Federal officials said that the deal does not run afoul of any anti-trust regulations, reports the Boston Herald.

Through the deal, Fidelity will merge its National Financial unit with UBS PaineWebber's Correspondent Services Corporation. That would bring 115 UBS workers together with the 200 now at National Financial in New York City and New Jersey. Fidelity hopes to close the deal by July. The price tag on the deal is a reported $340 million.  

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