SGX to acquire BidFX

SGX to acquire BidFX

Singapore Exchange is to enter the over-the-counter FX market after acquiring the remaining 80% stake in BidFX from its other shareholders for a cash consideration of approximately $128 million.

SGX first acquired a 20% stake in BidFX in March 2019, with the aim of bringing together FX futures with OTC markets.

Spun off from TradingScreen in 2017, BidFX currently handles $31 billion in daily volume, catering to over 100 of the world's largest banks, hedge funds and asset managers.

Loh Boon Chye, chief executive officer of SGX, says: “The future of FX lies in the ability for market participants to benefit from price discovery, liquidity and transparency for both OTC and listed futures trading, in a single unified venue. With BidFX as part of the SGX Group, we can now serve a wider FX community with more comprehensive solutions and enhanced distribution capabilities, while bringing together the two growing and mutually-reinforcing pools of liquidity.”

The transaction is expected to be completed next month.

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