• SGX forks out $125m for trading platform doing $17bn in deals daily
• MaxxTrader has more than 100 banks, dealers and hedge funds on its books
Singapore Exchange Ltd (SGX) is to buy currency trading platform MaxxTrader for $125 million as the bourse operator looks to expand its currency offerings.
Announcing the move on Friday, 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.
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.
SGX will buy the white label trading platform from FlexTrade Systems in a deal expected to be completed by December.
- Reporting by Reuters