SGX’s BidFX launches data and analytics solution

Rick Steves

SGX acquired BidFX from TradingScreen 2020, having paid $25 million for a 20% stake in 2019. The remaining 80% stake was priced at $128 million. The deal allowed SGX to expand its reach beyond FX futures into the global FX over the counter (OTC) market. 

Singapore ranked number 3 financial center globally

BidFX has launched its Data and Analytics solution which will be added to the firm’s suite of offerings, including an EMS platform, risk and compliance modules, and transaction cost analysis (TCA).

The data and analytics service allows banks, hedge funds, and asset managers to better manage the collection and cloud storage of client-specific liquidity streams, as well as monitor composite rates across multiple FX products.

BidFX’s tools give institutional players a comprehensive view of the pricing, market impact, and liquidity for every transaction.

Daniel Chambers, BidFX Global Head of Data and Analytics, said: “The ability to efficiently harness, normalize and analyze FX data has become increasingly vital for refining execution strategies and evaluating counterparties. The launch of this product arms our clients with tools to provide valuable insights in real-time.

“Today, having a secure platform is not enough; traders need access to fast and reliable market data and analytics. The latest expansion of the BidFX suite greatly streamlines market analysis, liquidity provision, back-testing and more, making it an essential addition to any FX trader’s toolkit.”

The cloud-based provider of electronic FX trading solutions for institutions is a wholly-owned subsidiary of Singapore Exchange (SGX). The firm was first incubated within TradingScreen. After its initial launch within TS’s OEMS platform, Tradesmart, BidFX spun off in January 2017 into its own entity, whilst remaining available in the multi-asset solution.

In June 2020, TradingScreen announced that Singapore Exchange (SGX) had acquired its FX division, BidFX.

“As part of its multi-asset strategy to build FX into another core pillar of growth, SGX first acquired a 20% stake in BidFX in March 2019, intending to bring together FX futures with OTC markets. The synergies between SGX and BidFX, coupled with the opportunity to support international FX participants from pre-trade data and analytics, trade execution to post-trade clearing, propelled SGX to purchase the remaining stake from TradingScreen (TS)”, said the announcement.

The first 20% stake cost SGX $25 million in 2019. The remaining 80% stake was priced at $128 million. The deal allowed SGX to expand its reach beyond FX futures into the global FX over the counter (OTC) market.

“The future of FX lies in the ability for market participants to benefit from price discovery, liquidity, and transparency for both OTC and listed futures trading, in a single unified venue. BidFX is ahead of the curve in developing sophisticated electronic FX trading and workflow solutions,” said Loh Boon Chye, chief executive of SGX.

“With BidFX as part of the SGX Group, we can now serve a wider FX community with more comprehensive solutions and enhanced distribution capabilities, while bringing together the two growing and mutually-reinforcing pools of liquidity.”

 

 

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