Singapore Exchange Announces Acquisition of MaxxTrader

SGX is planning to expand its presence in the FX OTC space through the latest acquisition.

Singapore Exchange (SGX), Asia’s leading multi-asset exchange and FX derivatives marketplace, announced today that it has acquired the single source and direct-to-market FX trading platform, MaxxTrader.

According to an official press release shared with Finance Magnates, SGX is planning to expand its reach into the FX over-the-counter (OTC) ecosystem through the latest acquisition of MaxxTrader.

The recent $125 million acquisition is expected to be completed by December 2021. The exchange will acquire MaxxTrader from a multi-asset execution and order management firm, FlexTrade Systems.

Headquartered in Singapore, MaxxTrader provides FX pricing and risk solutions for sell-side institutions including banks and broker-dealers, as well as a multi-dealer platform for hedge funds. MaxxTrader’s current list of clients includes leading global banks, hedge funds and brokers. MaxxTrader’s average daily volume (ADV) has grown substantially in the last few years.

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Commenting on the latest acquisition, Loh Boon Chye, Chief Executive Officer at SGX, said: “Since SGX expanded from FX futures to the global FX OTC market, we continue to cement our footprint in this fast-growing and sizeable US$6.6 trillion-a-day global market. We are excited to acquire MaxxTrader, which further enhances our FX OTC offering and widens our customer base across the sell- and buy-side.”

FX Expansion

In 2020, Singapore Exchange acquired BidFX, a leading cloud-based provider of electronic FX trading solutions. SGX highlighted that a strong sell-side client base of MaxxTrader complements the buy-side clientele of BidFX. The exchange is planning to become a leading platform in international FX OTC through the latest acquisitions.

“We share SGX’s FX vision to offer buy-side and sell-side clients a wide range of FX products and liquidity across OTC and futures globally. With SGX’s strong focus and investments in FX, we expect to accelerate innovation and deliver exciting new solutions for both our clients and liquidity providers,” Manish Kedia, designated Chief Executive Officer at MaxxTrader, commented.

“It has been a true pleasure to see the success and growth of MaxxTrader over the past decade. SGX is committed to invest and innovate in the FX OTC marketplace which will benefit the MaxxTrader product, employees and client base, and enhance the momentum of the business,” Vijay Kedia, President and CEO of FlexTrade Systems, said.

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