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.

sgx

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

Retail FX

Texas Slaps Forex Scam with Cease and Desist Order

The Texas State Securities Board (TSSB) is following through on its promise to crack down on online trading fraud.

Industry News

JPMorgan Chase to open its UK neobank next week

JPMorgan Chase, the biggest US bank by total assets, will next week launch its City’s digital-only bank, which offers a range of savings and loan products under its ‘Chase’ brand in the UK.

Retail FX

TIOMarkets UK reports $78,461 in 2020 revenues

TIOmarkets’ FCA-regulated entity reported its financial results for the year ending December 31, 2020. The company posted a revenue figure that was nine times the amount it reported in the fiscal year of 2019.

Technology

Equiduct deploys big xyt’s data analytics for equity market structure

“Banks, asset managers, exchanges and market participants across the globe consistently rely on big xyt as an independent reference for equity market structure”.

Retail FX

BDSwiss partners with PayRetailers to address payment landscape in LATAM

PayRetailers’ suite of payment options via single seamless API integration will be available for BDS Markets Ltd. only.

Digital Assets

Coinbase applies for NFA license while awaiting SEC lawsuit

A license from the National Futures Association (NFA) would open the door to cryptocurrency derivatives trading.

Industry News

Euroclear acquires MFEX to enhance offering for fund distributors and fund managers

This transaction brings together two highly complementary businesses.

Industry News

Madoff Victim Fund sends $568 million to 31,000 victims of Ponzi scheme

Bernard L. Madoff used his position as chairman of BLMIS to steal billions from his clients.

Digital Assets

Revolut uses Bitcoin to Pay for its office space

Revolut, the company that is looking to build a financial super app, has used bitcoin to pay for its largest office space in Dallas, Texas to the flexible workspace provider WeWork.

<