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)