The bourse's acquisition of a single source and direct-to-market FX trading platform will strengthen FX as a core pillar of growth under its multi-asset strategy.
Singapore Exchange (SGX) has fully acquired FX trading platform MaxxTrader for $125 million in cash from FlexTrade Systems, the bourse announced in a statement on Friday.
The deal is expected to be completed by the end of the year, and will accelerate SGX’s plan to build an integrated FX ecosystem and marketplace that facilitates global access to OTC and on-exchange currency derivatives, the announcement said.
Incorporated in 2008 and headquartered in Singapore, MaxxTrader provides FX pricing and risk solutions for sell-side institutions including banks and broker-dealers, as well as a multi-dealer platform for hedge funds. It has over 100 global banks, regional banks, broker-dealers and hedge funds on its platform, with an average daily volume of over $17 billion.
Integrated FX Marketplace
In 2020, SGX acquired BidFX, a cloud-based provider of electronic FX trading solutions. According to SGX, these acquisitions form part of its multi-phase strategy to build an integrated Asian FX marketplace for global investors.
SGX CEO Loh Boon Chye said it hopes to build a primary FX OTC marketplace anchored in Singapore so as to offer clients a full suite of FX futures and OTC solutions.
