Aquis Exchange set to acquire NEX Exchange from CME Group

Maria Nikolova

The purchase price includes a cash consideration of £1, plus approximately £2.7 million based on NEX Exchange’s current working capital levels.

Exchange services group Aquis Exchange PLC (LON:AQX) has earlier today announced it has agreed to acquire NEX Exchange Limited from CME Group Inc for a cash consideration of £1, plus approximately £2.7 million based on NEX Exchange’s current working capital levels.

Aquis explains that this acquisition is another step its ambition to become the leading exchange services group in Europe and provides a unique opportunity to acquire an RIE business with a focus on primary markets in a cost and time effective manner.

The Board believes that with Aquis’ experience in both building new businesses in the exchange industry and also increasing liquidity, it has the ability to transform NEX Exchange at a time when MiFID II implications and other factors make the industry ripe for innovation. The Board believes that the Acquisition provides a unique opportunity to build a pan-European, technology driven, listing exchange for growth companies.

Based on the audited financial accounts for the year to end-March 2018, NEX Exchange delivered revenues of £1.51 million and a loss before tax of £2.05 million. Aquis believes that significant cost savings can be delivered in the short term, significantly reducing the loss in the initial period following the acquisition.

Completion of the Acquisition is expected this autumn, subject to FCA approval. The Company will update the market upon receipt of FCA approval and completion.

Let’s recall that NEX announced that its acquisition by CME was completed in November 2018. The Scheme became effective as of November 2, 2018, following the sanction of the Scheme by the Court on November 1, 2018 and the delivery of the Court order to the Registrar of Companies.

Read this next

Institutional FX

Euronext’s FX volume takes yet another step back in July

Pan-European exchange, Euronext has reported a 7.6 percent drop in the average daily volume on its spot foreign exchange market. The ADV figure stood at $21.4 billion in July 2022, which is down from June’s $23.1 billion.

Executive Moves

IG Group strengthens institutional sales with appointment of Glen Hastings

IG Group, Europe’s largest online trading platform, has onboarded Glen Hastings to the role of its institutional sales manager. He joins the FCA-regulated broker with immediate effect, based out of its offices in London.

Digital Assets

Voyager customers can withdraw up to $100K in cash via ACH transfer

Following approval of the bankruptcy judge, cryptocurrency brokerage firm Voyager plans to return $270 million in customer cash. The amount represents a small portion of investors’ crypto holding that have been locked up since the company filed for bankruptcy in April.

Retail FX

Britain’s lifeboat system to conclude LCG compensation scheme

Britain’s Financial Services Compensation Scheme (FSCS) said today it’s preparing to close the compensation scheme of the collapsed mini-bond provider, London Capital & Finance.

Uncategorized

Robinhood parts ways with its first CPO Aparna Chennapragada

In what apparently part of the restructuring it announced last month, Robinhood is parting ways with its Chief Product Officer Aparna Chennapragada. However, she’ll remain employed in an advisory role to the CEO through January 2023.

Digital Assets

Crypto.com expands regulatory footprint with new licence in South Korea

Crypto.com has acquired payment service provider ‘PnLink Co., Ltd.’ and virtual asset service provider ‘OK-BIT Co., Ltd.’ The move effectively provides a regulatory stamp for the company’s digital assets and cryptocurrencies business in South Korea.

Metaverse Gaming NFT

Why NFT Technology Could be the Much Needed Solution to Crypto Inheritance 

The digital asset market may have started with Bitcoin’s humble beginning but its fortunes have changed over the past decade.

Industry News

Kohle Capital Markets expands CFDs lineup to 200+ stocks

Kohle Capital Markets (KCM), the leading international provider of online trading, has once again expanded its contracts-for-difference (CFDs) offering, this time with the addition of new products on its trading platform.

Industry News

Kohle Capital Markets continues CSR initiatives with donation of art piece to Lions Club International

Global brokerage firm Kohle Capital Markets (KCM) is taking its corporate social responsibility very seriously and continues to navigate the challenging period brought forth by the pandemic and Russia-Ukraine war.

<