Electronic multi-bank foreign exchange trading portal FXall has agreed to buy rival platform LavaFX from Citi. Financial terms of the deal were not disclosed.
FXall says the acquisition boosts its institutional client base by around 200 to nearly 1000, including major hedge funds, CTAs, banks, broker-dealers, corporate treasurers and asset managers.
The deal also sees LavaFX CEO Tom San Pietro join FXall as head of active trading.
Says Pietro: "It is clear that by leveraging the combined strengths of LavaFX and FXall, active traders will benefit from a single point of access to the broadest execution capabilities, unparalleled liquidity in all market conditions, and a wide range of products including spot, swap, forward and NDFs which allows them to meet both their best execution and workflow management needs."
Explaining the sale, Jeff Feig, global head, G10 foreign exchange, Citi, says: "Citi believes a multi-bank platform is best owned by a multi-bank provider, making the sale of LavaFX to FXall the right strategy for its continued growth. As a shareholder and long standing liquidity provider to FXall, Citi is confident LavaFX clients and employees will benefit from this transaction."