Hot stock: SGX shares rise 1.4% on MaxxTrader acquisition
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SHARES of Singapore Exchange S68 (SGX) rose 1.4 per cent in early trade on Monday, after the bourse operator on Friday announced it will acquire single-source and direct-to-market foreign exchange (FX) trading platform MaxxTrader for US$125 million.
SGX had already climbed 0.9 per cent or S$0.01 to close at S$11.80 on Friday following the announcement.
In early trade on Monday, SGX shares were up a further S$0.16 to S$11.96, with 537,000 securities changing hands as at 10.06am.
No married deals were recorded, according to ShareInvestor data.
The counter, which has climbed 23.3 per cent year to date, is currently trading at its highest level since 2008.
The MaxxTrader acquisition is part of SGX's plans to build an integrated FX ecosystem and marketplace facilitating global access to over-the-counter, or OTC, trading and on-exchange currency derivatives.
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The addition of MaxxTrader will broaden SGX's customer base for both the buy-side and sell-side to over 200 institutional clients, including banks, hedge funds and broker-dealers.
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