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Singapore Exchange to buy currency trading platform for $125 mln

Reuters SG
·1-min read
Singapore Exchange to buy currency trading platform for $125 mln

July 23 (Reuters) - Singapore Exchange Ltd (SGX) said on Friday it would buy currency trading platform MaxxTrader for $125 million as the bourse operator expands its currency offerings.

With the acquisition, SGX hopes to create a currency platform that will be Asia's largest venue for international foreign exchange (FX) over-the-counter (OTC) and futures participants, the company said in a statement.

Founded in 2008, MaxxTrader has more than 100 banks, broker-dealers and hedge funds connected to its platform, with an average daily volume of $17 billion as of June-end, SGX said.

"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," said Loh Boon Chye, SGX's chief executive officer.

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SGX will buy the white label trading platform from FlexTrade Systems in a deal expected to be completed by December.

(Reporting by Sameer Manekar and Nikhil Kurian Nainan in Bengaluru; Editing by Subhranshu Sahu)