Marex Spectron, a global commodities broker with head office in London, announced today that it has signed an agreement to buy Chicago-based X-Change Financial Access (XFA), in an effort to grow its North-American business.
In an official press release, Marex announced that the company is expanding its product range through the fast-growing exchange-traded derivatives execution broker. According to the announcement, during the first three quarters of 2019, XFA accounted for more than 50% of all the volumes in S&P 500 index options.
Founded in 2001, XFA has headquarters in Chicago with a presence in New York and San Francisco. XFA provides a wide range of services to its clients including market information, strategic data, futures execution and direct market access. Marex plans to provide XFA clients with different products and services after the acquisition.
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Commenting on the acquisition, Ian Lowitt, Chief Executive of Marex Spectron, said: “XFA is a very exciting addition to our business. This acquisition will be an important building block in our plans to expand in North America, which is our fastest-growing region. XFA is an exceptional fit, adding new products to our service offering.”
“The acquisition creates opportunities to cross-sell our products, including clearing services, and Marex can support XFA’s geographic expansion. XFA has a very impressive track record built on its extensive market experience, with an excellent brand and dominant share across multiple products. We are adding a great team, serving a sophisticated and demanding client base, with outstanding trading and support, and highly experienced and effective management,” he added.
Finance Magnates reported earlier about recent management changes at Marex. The company lured Philip Price to join as Head of Ferrous Metal Trading. Additionally, Marex appointed Ram Vittal to take charge of the company’s North American operations earlier this year. Upon completion of the transaction on 13 November, XFA will be a part of Marex Spectron’s North American franchise, and it will report to Ram Vittal.