SGX to fully acquire BidFX for $178.24m

The transaction is expected to be completed in July.

Singapore Exchange (SGX) will acquire the remaining 80% stake in UK-based foreign exchange e-trading solution BidFX from its other shareholder(s) for a cash consideration of approximately $178.24m (US$128m), a press release revealed.

This move will expand SGX’s reach beyond FX futures into the global FX over-the-counter (OTC) market. The firm had first acquired a 20% stake in BidFX in March.

The synergies between SGX and BidFX, coupled with the opportunity to support international FX participants from pre-trade data and analytics, trade execution to post-trade clearing, propelled SGX to purchase the remaining stake, the press release said..

The transaction to fully acquire BidFX is expected to be completed in July.

Since BidFX’s establishment in January 2017, average daily volumes have grown at a compounded annual growth rate (CAGR) of 57% to $43.16b (US$31b in May. BidFX claims to continue to acquire new clients, with over 100 of the world’s largest banks, hedge funds and asset managers currently connected to its platform.