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Singapore Exchange Eyes Currency Expansion with MaxxTrader Buyout

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


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• 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. 

 

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“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

 

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