SGX buys stake in BidFX to expand forex pillar
Add BT as a preferred source
Angela Tan
DeeperDive is a beta AI feature. Refer to full articles for the facts.
SINGAPORE Exchange (SGX) has acquired a 20 per cent stake in BidFX, including an option for additional shares to gain a controlling interest, for US$25 million in cash.
Loh Boon Chye, CEO of SGX told a media briefing on Wednesday that the investment is part of the Singapore bourse's strategy to build core pillars of growth across multiple asset classes.
"FX is one of our key growth pillars and we are excited to strengthen our service proposition to the market," Mr Loh said.
"With this investment, we have an opportunity to offer our suite of Asian FX futures alongside the over the counter (OTC) products offered on the BidFX platform, bringing together both pools of liquidity," he added.
In January 2017, BidFX was spun off as a division of TradingScreen (TS), a provider of a multi-asset execution and order management system.
Jean-Philippe Male, BidFX CEO, said the funds will be used to grow its reach and offering among institutional investors. The company plans to extend its footprint in Sydney, Hong Kong and Tokyo, as well as Europe.
Copyright SPH Media. All rights reserved.
TRENDING NOW
Ministry of Home Affairs Permanent Secretary Pang Kin Keong to retire
Shelving S$5 billion office redevelopment plan proved ‘wise’ as geopolitical risks mount: OCBC chairman
Richard Eu on how core values, customers keep Singapore’s TCM chain Eu Yan Sang relevant
China pips the US if Asean is forced to choose, but analysts warn against reading it like a sports result
