21 October 2017

Citi to sell LavaFX platform to FXall

04 January 2010  |  25339 views  |  0 foreign exchange rates on screen

Electronic multi-bank foreign exchange trading portal FXall has agreed to buy rival platform LavaFX from Citi. Financial terms of the deal were not disclosed.

FXall says the acquisition boosts its institutional client base by around 200 to nearly 1000, including major hedge funds, CTAs, banks, broker-dealers, corporate treasurers and asset managers.

The deal also sees LavaFX CEO Tom San Pietro join FXall as head of active trading.

Says Pietro: "It is clear that by leveraging the combined strengths of LavaFX and FXall, active traders will benefit from a single point of access to the broadest execution capabilities, unparalleled liquidity in all market conditions, and a wide range of products including spot, swap, forward and NDFs which allows them to meet both their best execution and workflow management needs."

Explaining the sale, Jeff Feig, global head, G10 foreign exchange, Citi, says: "Citi believes a multi-bank platform is best owned by a multi-bank provider, making the sale of LavaFX to FXall the right strategy for its continued growth. As a shareholder and long standing liquidity provider to FXall, Citi is confident LavaFX clients and employees will benefit from this transaction."

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Citi to ditch LavaX in favour of TradingScreen EMS

Citi to ditch LavaX in favour of TradingScreen EMS

30 June 2009  |  14095 views  |  0 comments
FXall hires new CTO in global recruitment drive

FXall hires new CTO in global recruitment drive

14 June 2007  |  7088 views  |  0 comments
Lava to launch interbank FX trading platform

Lava to launch interbank FX trading platform

25 April 2006  |  14062 views  |  0 comments
FXall signs five more banks to network as volumes improve 100%

FXall signs five more banks to network as volumes improve 100%

08 September 2004  |  12474 views  |  0 comments
Citigroup to buy Lava Trading

Citigroup to buy Lava Trading

02 July 2004  |  18094 views  |  0 comments
Lava Trading moves into foreign exchange

Lava Trading moves into foreign exchange

16 February 2004  |  16577 views  |  0 comments
FXall appoints CTO in preparation for launch

FXall appoints CTO in preparation for launch

24 April 2001  |  11120 views  |  0 comments
Six more sign up for bank-owned FX system

Six more sign up for bank-owned FX system

25 July 2000  |  10926 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
Register nowvisit www.innotribe.comvisit www.niceactimize.com

Top topics

Most viewed Most shared
HSBC partners Bud for open banking trialHSBC partners Bud for open banking trial
10062 views comments | 22 tweets | 26 linkedin
Mastercard to roll out blockchain APIMastercard to roll out blockchain API
8970 views comments | 17 tweets | 21 linkedin
satelliteGates Foundation backs Ripple collaboratio...
8957 views comments | 13 tweets | 10 linkedin
IBM uses blockchain to improve cross-border payments processingIBM uses blockchain to improve cross-borde...
8043 views comments | 9 tweets | 17 linkedin
Sibos 2017: API or the highwaySibos 2017: API or the highway
7726 views comments | 10 tweets | 22 linkedin

Featured job

Competitive base, double ote, benefits
London, UK

Find your next job