SGX FX Systems UK, the London-based institutional currency-trading business that still trades under the BidFX name, reported operating profit of $21.9 million for the year ended 30 June 2025. That is up from a restated $8.3 million a year earlier. Revenue rose 38% to $60.8 million, according to accounts filed with the UK's Companies House.
The company is the UK arm of the FX operation owned by Singapore 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, which last year renamed the legal entity SGX FX Systems while keeping BidFX on the product. The figures aggregate the UK company and its branches in Italy and Hong Kong, and do not represent the wider SGX FX group. All amounts are reported in US dollars, the company's functional currency.
Revenue Up, Headcount Down
Profit grew far faster than sales. Pre-tax profit reached $22.1 million against a restated $8.3 million, and profit after tax came to $16.6 million from $6.0 million. Net assets rose to $31.3 million from $19.7 million.
| Metric (US$) | FY2025 | FY2024 (restated) |
|---|
| Revenue | $60.8M | $43.9M |
| Operating profit | $21.9M | $8.3M |
| Pre-tax profit | $22.1M | $8.3M |
| Profit after tax | $16.6M | $6.0M |
| Net assets | $31.3M | $19.7M |
| Average employees | 93 | 95 |
The company added little cost to earn the extra revenue. Staff costs were roughly flat at $18.9 million, and the average number of employees fell to 93 from 95. Spending on technology rose 32% to $6.1 million, the largest single increase across its expense lines.
Almost all of the top line came from usage. Transaction revenue accounted for $57.9 million of the $60.8 million total, up about 40% year on year, with the rest from other fees.
The company said more than 100 of the world's largest banks, hedge funds and asset managers were connected to the platform, a count it did not break down. Banks including Commerzbank have added execution algorithms on BidFX in recent years.
Asia-Pacific Overtakes the Home Market
The sharpest shift in the accounts is geographic. Asia-Pacific generated $23.8 million of revenue, up from $17.2 million, making it the platform's largest region and placing it ahead of the United Kingdom at $16.1 million.
The Americas contributed $13.6 million and the rest of Europe $7.3 million. For a platform built in London, the split shows most of its business now sits in Asia, the home region of its Singaporean owner.
The revenue line has climbed steadily under SGX. BidFX reported about $34.4 million for fiscal 2022, less than two-thirds of the latest figure.
Exchanges Keep Buying Into Currency Trading
SGX is one of several exchange groups that entered electronic FX by buying platforms rather than building them. The Singapore market operator paid about $128 million for full control of BidFX in 2020, folding a London startup into a listed exchange.
Others took the same route. Deutsche Börse owns 360T, the London Stock Exchange
Stock Exchange
A stock exchange, also known as a securities exchange or bourse represents is a facility where stockbrokers and traders can buy and sell securities.This includes shares of stock, bonds, exchange-traded funds (ETFs), or other financial instruments. By extension, stock exchanges can also provide facilities for the issue and redemption of such securities and instruments and capital events including the payment of income and dividendsStock exchanges have developed into a permanent fixture in the fin
A stock exchange, also known as a securities exchange or bourse represents is a facility where stockbrokers and traders can buy and sell securities.This includes shares of stock, bonds, exchange-traded funds (ETFs), or other financial instruments. By extension, stock exchanges can also provide facilities for the issue and redemption of such securities and instruments and capital events including the payment of income and dividendsStock exchanges have developed into a permanent fixture in the fin
Read this Term Group runs the FXall and Matching venues, and Cboe and Euronext each operate spot FX businesses acquired from earlier owners.
Those venues have reported growing activity. LSEG's FX division posted record volumes in the first quarter of 2025, and industry-wide institutional FX turnover reached a 2026 high in March as dollar volatility lifted trading.
Board Change and a Restatement
The accounts recorded a change in the boardroom. Beng Hong Lee resigned as a director in March 2025 and Daniel Koh Kok Yu was appointed the same day. BidFX co-founder Jean-Philippe Malé, who was named to lead SGX FX last year, signed the report as a director.
KPMG audited the statements and issued an unmodified opinion. The prior-year figures were restated, an adjustment the company set out in a note without carrying the detail into its summary tables, so the year-on-year comparisons rest on the revised 2024 base.
BidFX closed fiscal 2021 with $29.4 million in revenue. Four years on, the same UK entity reported more than double that, at $60.8 million, from a workforce of 93.
SGX FX Systems UK, the London-based institutional currency-trading business that still trades under the BidFX name, reported operating profit of $21.9 million for the year ended 30 June 2025. That is up from a restated $8.3 million a year earlier. Revenue rose 38% to $60.8 million, according to accounts filed with the UK's Companies House.
The company is the UK arm of the FX operation owned by Singapore 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, which last year renamed the legal entity SGX FX Systems while keeping BidFX on the product. The figures aggregate the UK company and its branches in Italy and Hong Kong, and do not represent the wider SGX FX group. All amounts are reported in US dollars, the company's functional currency.
Revenue Up, Headcount Down
Profit grew far faster than sales. Pre-tax profit reached $22.1 million against a restated $8.3 million, and profit after tax came to $16.6 million from $6.0 million. Net assets rose to $31.3 million from $19.7 million.
| Metric (US$) | FY2025 | FY2024 (restated) |
|---|
| Revenue | $60.8M | $43.9M |
| Operating profit | $21.9M | $8.3M |
| Pre-tax profit | $22.1M | $8.3M |
| Profit after tax | $16.6M | $6.0M |
| Net assets | $31.3M | $19.7M |
| Average employees | 93 | 95 |
The company added little cost to earn the extra revenue. Staff costs were roughly flat at $18.9 million, and the average number of employees fell to 93 from 95. Spending on technology rose 32% to $6.1 million, the largest single increase across its expense lines.
Almost all of the top line came from usage. Transaction revenue accounted for $57.9 million of the $60.8 million total, up about 40% year on year, with the rest from other fees.
The company said more than 100 of the world's largest banks, hedge funds and asset managers were connected to the platform, a count it did not break down. Banks including Commerzbank have added execution algorithms on BidFX in recent years.
Asia-Pacific Overtakes the Home Market
The sharpest shift in the accounts is geographic. Asia-Pacific generated $23.8 million of revenue, up from $17.2 million, making it the platform's largest region and placing it ahead of the United Kingdom at $16.1 million.
The Americas contributed $13.6 million and the rest of Europe $7.3 million. For a platform built in London, the split shows most of its business now sits in Asia, the home region of its Singaporean owner.
The revenue line has climbed steadily under SGX. BidFX reported about $34.4 million for fiscal 2022, less than two-thirds of the latest figure.
Exchanges Keep Buying Into Currency Trading
SGX is one of several exchange groups that entered electronic FX by buying platforms rather than building them. The Singapore market operator paid about $128 million for full control of BidFX in 2020, folding a London startup into a listed exchange.
Others took the same route. Deutsche Börse owns 360T, the London Stock Exchange
Stock Exchange
A stock exchange, also known as a securities exchange or bourse represents is a facility where stockbrokers and traders can buy and sell securities.This includes shares of stock, bonds, exchange-traded funds (ETFs), or other financial instruments. By extension, stock exchanges can also provide facilities for the issue and redemption of such securities and instruments and capital events including the payment of income and dividendsStock exchanges have developed into a permanent fixture in the fin
A stock exchange, also known as a securities exchange or bourse represents is a facility where stockbrokers and traders can buy and sell securities.This includes shares of stock, bonds, exchange-traded funds (ETFs), or other financial instruments. By extension, stock exchanges can also provide facilities for the issue and redemption of such securities and instruments and capital events including the payment of income and dividendsStock exchanges have developed into a permanent fixture in the fin
Read this Term Group runs the FXall and Matching venues, and Cboe and Euronext each operate spot FX businesses acquired from earlier owners.
Those venues have reported growing activity. LSEG's FX division posted record volumes in the first quarter of 2025, and industry-wide institutional FX turnover reached a 2026 high in March as dollar volatility lifted trading.
Board Change and a Restatement
The accounts recorded a change in the boardroom. Beng Hong Lee resigned as a director in March 2025 and Daniel Koh Kok Yu was appointed the same day. BidFX co-founder Jean-Philippe Malé, who was named to lead SGX FX last year, signed the report as a director.
KPMG audited the statements and issued an unmodified opinion. The prior-year figures were restated, an adjustment the company set out in a note without carrying the detail into its summary tables, so the year-on-year comparisons rest on the revised 2024 base.
BidFX closed fiscal 2021 with $29.4 million in revenue. Four years on, the same UK entity reported more than double that, at $60.8 million, from a workforce of 93.
