Singapore Exchange buys 20 percent stake in forex trading platform for $25 million

An SGX sign is pictured at Singapore Stock Exchange
An SGX sign is pictured at Singapore Stock Exchange July 19, 2017. REUTERS/Edgar Su

March 27, 2019

SINGAPORE (Reuters) – Singapore Exchange Ltd, which is positioning itself as a multi-asset bourse, bought a 20 percent stake in an upstart foreign exchange trading platform, BidFX Systems Ltd, for $25 million, with an option to take a majority interest in the firm.

“By bringing together the two pools of liquidity in listed foreign exchange derivatives and over-the-counter products, we feel that we are offering a broader proposition to financial market participants,” SGX CEO Loh Boon Chye told a news conference on Wednesday.

“This also dovetails into the exchange, where we offer multi-assets for any investors looking to invest in Asia.”

SGX’s suite of equities, commodities and forex derivative products have helped power earnings growth, despite a subdued performance in its cash equities business.

(Reporting by Anshuman Daga; Editing by Himani Sarkar)

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