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Singapore Exchange to Pay US$125M for MaxxTrader

By P.R. Venkat

Singapore Exchange Ltd. is acquiring direct-to-market foreign exchange trading platform MaxxTrader for US$125 million in a bid to expand its FX over-the-counter business.

SGX will acquire the company from FlexTrade Systems in an all-cash deal, which is expected to be completed by December, the exchange said Friday.

MaxxTrader is a provider of FX pricing and risk solutions for sell-side institutions including banks and broker-dealers, as well as a multi-dealer platform for hedge funds.

Established in 2008, MaxxTrader has over 100 global banks, regional banks, broker-dealers and hedge funds connected to its platform. Its average daily volume as of June was over US$17 billion.

"Our next step is to offer clients a full suite of FX futures and OTC solutions, by building a primary FX OTC marketplace anchored in Singapore," SGX Chief Executive Loh Boon Chye said.

Write to P.R. Venkat at [email protected]


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