Singapore alternate to amass direct-to-market FX buying and selling platform MaxxTrader for US$125 million
Singapore Change (SGX) has agreed to amass direct-to-market overseas alternate buying and selling platform MaxxTrader for US$125 million, additional extending its attain into the FX over-the-counter (OTC) house.
Already Asia’s largest FX derivatives market, SGX says the complete acquisition of MaxxTrader from FlexTrade Programs, a worldwide chief in multi-asset execution and order administration methods, will speed up its plan to construct an built-in FX ecosystem and market that facilitates international entry to OTC and on-exchange forex derivatives. The deal, topic to customary situations, is anticipated to be accomplished by December 2021.
Headquartered in Singapore, MaxxTrader is a number one supplier of FX pricing and danger options for sellside establishments together with banks and broker-dealers, in addition to a multi-dealer platform for hedge funds.
Because the firm’s incorporation in 2008, MaxxTrader has constructed a robust, international consumer and vendor franchise with over 100 international banks, regional banks, broker-dealers and hedge funds at present linked to its platform. Its common each day quantity has grown to over US$17 billion.
MaxxTrader’s robust sellside consumer base enhances the buyside clientele of BidFX, a number one cloud-based supplier of digital FX buying and selling options which SGX acquired final 12 months. Collectively, these acquisitions type a part of SGX’s multi-phase technique in constructing an built-in Asian FX market for international traders.
SGX chief govt officer Loh Boon Chye says: “Since SGX expanded from FX futures to the worldwide FX OTC market, we proceed to cement our footprint on this fast-growing and sizeable US$6.6 trillion-a-day international market. We’re excited to amass MaxxTrader, which additional enhances our FX OTC providing and widens our buyer base throughout the sell- and buy-side.”