Euronext increases its stake in FastMatch to 97.3%

Maria Nikolova

The Exchange announces the acquisition of approximately 8% of additional interest in FastMatch, a global FX spot market operator.

Euronext has taken its stake in global FX spot market operator FastMatch to approximately 97.3%, according to a press release issued by the Exchange earlier today.

The Exchange said it acquired approximately 8% of additional interest in FastMatch, which has been operating as a Euronext company since August 2017. In combination with the stake in the Company that Euronext acquired in August 2017, Euronext now owns an approximate 97.3% interest in FastMatch.

The additional interest was acquired by purchasing the remaining shares owned by Dmitri Galinov, co-founding CEO of FastMatch, for $.001 per share, following his termination for cause by FastMatch. The shares were purchased pursuant to the agreement signed at the time of the acquisition of the Company.

Kevin Wolf, US Head of FICC for Euronext and member of the FastMatch Board of Directors since September 2017, was appointed CEO of FastMatch in June 2018 by the Board of Directors of FastMatch, Inc., following Galinov’s termination.

Euronext bought into FastMatch in May 2017, as FXCM sought to dispose of its non-core businesses. According to FXCM Group’s announcement issued back then, the broker would receive approximately $55.6 million for its interest in FastMatch, with a portion held in escrow and subject to certain future adjustments including a share of a $10 million earnout if certain performance targets of FastMatch are met.

FXCM had been looking to sell its stake in FastMatch since early 2015 in an effort to raise funds to repay its loan to Leucadia. Following the February 2017 events which tarnished the reputation of FXCM, FastMatch reshuffled its board of directors and reiterated its independence from the broker.

Spot FX trading activity on FastMatch’s spot foreign exchange market reached a record high in the second quarter of 2018, with average daily volume of $21.8 billion, up 6.2% compared to the equivalent period in 2017. As a result, spot FX trading generated €5.6 million of revenue in the second quarter of 2018, Euronext reports.

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