Jean-Philippe Malé, CEO of BidFX, said:
We are delighted to join the SGX group of companies and combine forces with the largest FX futures marketplace in Asia. We will be, amongst other plans, expanding our coverage to include FX futures, which gives sophisticated investors a hedge to access the broader market across OTC and futures liquidity pools. As we continue to grow, we look forward to contributing to Singapore’s success as a central FX liquidity hub in Asia.
Previously, BidFX was a subsidiary of TradingScreen and spun off in 2017.
Pierre Schroeder, CEO of TradingScreen, noted:
We’ve purposefully focused our efforts and resources on our best opportunities for growth and this has led to exceptional results, such as the BidFX sale being announced today. TradingScreen clients will continue to have access to BidFX via its multi-asset TradeSmart application.
Since the beginning of 2020, BidFX’s clients were able to trade across OTC and futures FX markets with the option to have bilateral counterparty or centrally cleared FX exposures, all in one venue with an integrated workflow management system.
SGX’s FX futures have registered significant growth, reaching traded volumes of $3.8 trillion since it started in November 2013. SGX launched FlexC FX Futures last year allowing market participants to trade customizable FX futures in an OTC manner and clear transactions.
The combination of SGX and BidFX will scale up the success of both companies and advance SGX’s goal to offer end-to-end FX platform and solutions.
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