Breaking: Euronext Acquires 8% of Fastmatch from Dmitri Galinov

The spat between Euronext and the founder and former CEO of Fastmatch Dmitri Galinov is escalating quickly. After we reported on Monday on the former executive’s decision to file a lawsuit against the company, Euronext announced on Tuesday that it acquired a further eight percent interest in the eFX trading venue.

Galinov claims in a new lawsuit against the company and its parent Euronext that he was unfairly dismissed.

Contrasting Views from Fastmatch Owners

In contrast, the leading Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term operator states that Galinov was terminated for cause. In accordance with the Acquisition Acquisition Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant's service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There Acquisition means acquiring or taking possession or the securing of property, services, or abilities. To put it simply, it is the act or process of acquiring or gaining. You can acquire a work of art, you can acquire an ability such as speaking another language, you can acquire a business or shares in a company and you can acquire an accountant's service. For example, you can acquire a new car. In a broad sense, Acquisition can mean the act of taking ownership or possession of something. There Read this Term deal for 90 percent of Fastmatch which the Amsterdam-headquartered company announced in May, it has acquired an additional 8 percent of the firm for a little over $1000. The price of the transaction has been reduced to $0.001 per share.

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Galinov states in his lawsuit that he is a victim of a “Machiavellian scheme” which cost him about $13 million.

Euronext has been operating the company since August 2017. Together with the majority stake purchased last year, the current holdings of the global exchange operator nets to an approximate 97.3% interest in FastMatch.

After Galinov was terminated from the company in June 2018, he was replaced by Kevin Wolf, US Head of FICC for Euronext. He has been a member of the Board of Directors of FastMatch since September 2017.

In his lawsuit, Galinov states that he was unfairly dismissed after he reported serious misconduct on the part of Euronext senior executives. He also claims to have been the target of "highly offensive, sexually charged comments."

In response to a Finance Magnates inquiry, a company spokesperson stated that all employees of Euronext are expected to adhere to a high standard of professional conduct. The firm expressed confidence that the facts and the law are on its side in this conflict.