July 23 (Reuters) – Singapore Exchange Ltd (SGX) SGXL.SI announced on Friday that it will buy the MaxxTrader currency trading platform for $ 125 million as the exchange operator expands its currency offering.
With this acquisition, SGX hopes to create a currency platform that will be Asia’s largest venue for international participants in over-the-counter (OTC) and forward foreign exchange (FX) trading, the company said in a statement. communicated.
Founded in 2008, MaxxTrader has more than 100 banks, brokers and hedge funds connected to its platform, with an average daily volume of $ 17 billion at the end of June, SGX said.
“Our next step is to offer our clients a full range of currency futures and OTC solutions, creating a primary OTC forex market anchored in Singapore,” said Loh Boon Chye, CEO of SGX.
SGX will purchase the white label trading platform from FlexTrade Systems under a deal expected to be finalized by December.
(Reporting by Sameer Manekar and Nikhil Kurian Nainan in Bengaluru; editing by Subhranshu Sahu)
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