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]