Singapore Exchange (SGX) has agreed to acquire FlexTrade Systems’ FX Order Management System (OMS), MaxxTrader, for $ 125 million to further expand its FX order.
The transaction, which is expected to close in December, will accelerate SGX’s ongoing plans to build an FX ecosystem and marketplace that will provide access to clients worldwide looking to trade over-the-counter (OTC) and on-exchange currency derivatives.
MaxxTrader is a turnkey FX trading platform that enables seller-side providers to privately manage pricing information and display it to clients and the market. As a multi-dealer platform for hedge funds, it enables orders to be traded directly with the trading desk or with liquidity providers.
SGX said its strong sell-side customer base complements BidFX’s buy-side clientele, which acquired the remaining $ 128 million stake last June. The exchange added the combined offerings from MaxxTrader and BidFX, which would allow it to create an FX ecosystem that connects the buyer and seller side.
“Our next step is to offer our clients a full suite of FX futures and OTC solutions by building a primary FX OTC marketplace anchored in Singapore,” said Loh Boon Chye, SGX chief executive officer.
“This in turn would accelerate our vision of creating fungible and convenient access for various global clients to various liquidity pools under one integrated platform on SGX and building Asia’s largest one-stop platform for international FX OTC and futures participants.”