SGX acquires MaxxTrader in push for dominant space in FX OTC

Karthik Subramanian

SGX, one of the largest multi-asset and FX derivatives marketplaces in Asia, has announced that it has acquired MaxxTrader to expand its reach into the FX Over The Counter (OTC) markets.


MaxxTrader is a direct-to-market FX trading platform that is being used by many companies like Equiti for enhancing their prime brokerage offering and it has been fully acquired for a cash consideration of around $125 million. The acquisition is expected to be completed by December of this year and will help SGX to build a complete FX ecosystem that has global access to OTC and a large derivatives marketplace.

Loh Boon Chye, Chief Executive Officer, SGX, said, “Since SGX expanded from FX futures to the global FX OTC market, we continue to cement our footprint in this fast-growing and sizeable US$6.6 trillion-a-day global market. We are excited to acquire MaxxTrader, which further enhances our FX OTC offering and widens our customer base across the sell- and buy-side.”

MaxxTrader is also headquartered in Singapore and has grown into a strong provider of FX pricing and risk solutions for a variety of clients including banks. Its strong growth over the years has helped it to reach an average daily volume of over $17 billion. SGX had acquired BidFX last year and while that company focuses on the buy-side liquidity, it would complement the sell-side liquidity that MaxxTrader provides for its institutional clients.

Manish Kedia, designated Chief Executive Officer, MaxxTrader, said, “We share SGX’s FX vision to offer buy-side and sell-side clients a wide range of FX products and liquidity across OTC and futures globally. With SGX’s strong focus and investments in FX, we expect to accelerate innovation and deliver exciting new solutions for both our clients and liquidity providers. Moreover, as one of the first platforms to host banks, brokers, and hedge funds in Singapore’s SG1 Liquidity Hub, we also look forward to continuing contributing to the success of Singapore as a central liquidity hub in Asia.”

SGX plans to offer a full suite of FX futures and OTC solutions based out of Singapore to make the region the center of liquidity as far as Asia is concerned and wants to become a one-stop solution for global FX OTC and futures participants.

Read this next

Digital Assets

AAX ranked world’s second largest spot exchange, only behind Binance

Crypto trading volumes experienced their first surge in activity since March as the majority of digital assets began their recovery from the recent grim price action, according to a new report by Cryptocompare.

Digital Assets

Bitpay teams up with Cardlytics to provide 15% cashback rewards

Crypto payment service provider Bitpay announced a partnership with Cardlytics Inc (NASDAQ:CDLX), which it says will offer more rewards for BitPay cardholders on its platform.

Digital Assets

BlackRock digs further into crypto with spot bitcoin private trust

BlackRock, the world’s largest asset manager with almost $8 trillion in AUM, has launched a spot bitcoin private trust for institutional clients in the United States.

Digital Assets

SEC fines Bloom Protocol, orders refund to BLT token purchasers

Blockchain startup Bloom, which raised $30 million in funds via an initial coin offering (ICO), has agreed to return the money to token purchasers and pay a $300,000 fine, the SEC announced.

Institutional FX

FX volume takes step back at Singapore Exchange in July

The Singapore Exchange (SGX), the country’s paramount exchange operator, has released its monthly volumes across its FX, derivatives and commodities segments for July 2022.

Market News

The Week Ahead: 12 August from David Madden, Market Analyst at Equiti Group

There was a spike in volatility last week when the US CPI report ticked down to 8.5% from 9.1%, missing the forecast of 8.7%. The announcement led to chatter the Fed might not carry out a 0.75% interest rate hike in September.

Digital Assets

Pomelo Pay adds crypto payments capabilities from TripleA

According to a June survey conducted by Deloitte, nearly 75% of retailers plan to accept either cryptocurrency or stablecoin payments within the next two years.

Executive Moves

Talos appoints “boss, mentor, and friend” Neal Pawar as strategic advisor

“Foundational technologies are needed for institutions to fully embrace this potential, however, and in my opinion Talos’s platform is steadily becoming the de facto industry standard for digital asset trading.”


Avelacom enhances Middle East connectivity amid new market trends

Avelacom found that smaller markets in the region were not sufficiently covered by third-party vendors.