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

Retail FX

Italian watchdog red flags Olympus Brokers, UnicoFX and Allfina Group

Italy’s Commissione Nazionale per le Società e la Borsa (CONSOB) has shut down new websites in an ongoing clampdown against firms it accuses of illegally promoting investment products in the country.

Retail FX

XTB revenues hits zł1.45 billion in 2022, Q4 earnings disappoint

Poland-based Forex and CFDs broker, XTB has reported its final results for Q4 of 2022 and the full fiscal year ending on December 31, 2022, showing one of its most successful corporate years.

Executive Moves

Lirunex Limited recruits Waleed Salah as head of MENA sales

Maldives-based brokerage firm Lirunex Limited has secured the services of Waleed Salah, who joined the company in the role of its head of sales for the MENA region.

Executive Moves

Trading 212 parts ways with co-founder Borislav Nedialkov

Trading 212 has a void to fill at its FCA-regulated business in London, following the departure of two key players, Raj Somal and Borislav Nedialkov.

Digital Assets

Binance acquires troubled crypto exchange GOPAX

Binance, the world’s largest digital asset trading platform, has reportedly acquired a majority stake in the troubled South Korea-based cryptocurrency exchange GOPAX.

Digital Assets

Kraken exits Middle East, closes UAE office

Digital currency exchange Kraken will close down its operations in Abu Dhabi, UAE and lay off the majority of its team focused on the Middle East and North Africa.

Industry News

CFTC comments on ION Cleared Derivatives issues after Russian-linked hack

“The ongoing issue is impacting some clearing members’ ability to provide the CFTC with timely and accurate data. As this incident unfolded, it became clear that the submission of data that is required by registrants will be delayed until the trading issues are resolved.”

Industry News

FCA took down 14 times more misleading ads in 2022 thanks to technology

The FCA has made significant improvements to the digital tools it uses to find problem firms and misleading adverts. These improvements have enabled it to work through a much larger number of cases compared with 2021.

Executive Moves

HKEX appoints ex-Goldman Sachs Matthew Cheong to lead platform’s focus on derivatives

“He has worked for a number of the world’s leading investment banks and his experience will be invaluable to HKEX as we continue to enhance our derivatives product offerings and build on our innovative and robust platform business, connecting capital with opportunities.”

<