SGX to Acquire MaxxTrader from FlexTrade for $125 Million

Singapore Exchange (SGX) today announced that it will acquire MaxxTrader, a leading provider of FX pricing and risk solutions for sell-side institutions, for a cash consideration of approximately $125 million.

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Incorporated in 2008, MaxxTrader, a part of FlexTrade’s comprehensive FX Enterprise Solutions package, has built a strong, global client and dealer franchise with over 100 global banks, regional banks, broker-dealers and hedge funds currently connected to its platform.

The mentioned acquisition is expected to be completed by December 2021 and will accelerate SGX’s plan to build an integrated FX ecosystem and marketplace that facilitates global access to OTC and on-exchange currency derivatives.

MaxxTrader’s strong sell-side client base complements the buy-side clientele of BidFX, a leading cloud-based provider of electronic FX trading solutions which SGX acquired last year. Together, these acquisitions form part of SGX’s multi-phase strategy in building an integrated Asian FX marketplace for global investors.

Commenting on the acquisition, Loh Boon Chye, Chief Executive Officer, SGX, said, “Since SGX expanded from FX futures to the global FX OTC market, we continue to cement our footprint in this fast-growing and sizeable US$6.6 trillion-a day global market. We are excited to acquire MaxxTrader, which further enhances our FX OTC offering and widens our customer base across the sell- and buy-side.”