LMAX Group to Acquire Cürex's FX Business to Strengthen Institutional Offering

LMAX Group, a global financial technology company and the leading independent operator of multiple institutional execution venues for FX and crypto currency trading, announced on Tuesday (October 10) that it has agreed to acquire the FX business of Cürex, a New York City‐based institutional FX execution services and data analytics company.

Through this transaction, LMAX Group will accelerate the growth of its U.S. business and enhance its technological capabilities while enhancing customer and liquidity relationships in a core market. Cürex's bank and buy-side relationships will complement the existing institutional client base of LMAX Group's FX business.

The acquisition is part of the Group's international growth strategy, aiming at consolidating its industry position as it continues to build a leading institutional FX exchange, said LMAX in the announcement.

David Mercer, CEO of LMAX Group, commented on the deal: "Cürex and LMAX Group share a common ethos of delivering transparent price discovery and efficient market structure through firm liquidity and no 'Last Look' execution. We are constantly exploring ways to expand our product offering and diversify distribution for the institutional segment. We believe that through this acquisition, our combined client base will benefit from a more diversified array of FX solutions as we continue to invest in our technology, people and product development."

James Singleton, CEO of Cürex, said: "LMAX Group is the right business to take Cürex into the next stage of its evolution and start a new phase of growth. After more than a decade of building Cürex, I will be leaving the business, following completion of the acquisition. It has been a privilege to serve in this role and I have no doubt that the combined organisations can achieve great success together under the leadership of LMAX Group."

Founded in 2009, Cürex's ECN product portfolio includes a firm pricing spot FX central limit order book supporting bank algo platforms; a peer-to-peer matching pool (to which Societe Generale was added​ in February this year) and a pre-trade and post‐trade analytics platform that includes real‐time data analysis.

The transaction is expected to close within a month, subject to customary closing conditions. Relevant financial terms have not been disclosed.