LMAX Group is set to acquire FX business Cürex, bringing together their respective distribution scale and technical capabilities in a bid to create a stronger offering for clients.
The transaction is expected to close in the next month, subject to customary closing conditions.
The partnership is set to include execution venues, precise market data and trade analytics, with Cürex’s bank and buy-side relationships complementing the existing institutional client base of LMAX Group’s FX business.
Cürex, a New York City‐based foreign exchange execution services and data analytics business, has a portfolio which includes: a firm pricing spot FX central limit order book supporting bank algo platforms; a pre-trade and post‐trade analytics platform which real‐time data analysis; and a peer-to-peer matching pool.
Following this transaction, the business will benefit from LMAX Group’s Asian reach, as well as its established operations and connectivity via matching engines in Singapore and Tokyo.
David Mercer, chief executive of LMAX Group highlighted the similarities between the two businesses: “Cürex and LMAX Group share a common ethos of delivering transparent price discovery and efficient market structure through firm liquidity and no ‘last look’ execution.
“We are constantly exploring ways to expand our product offering and diversify distribution for the institutional segment. We believe that through this acquisition, our combined client base will benefit from a more diversified array of FX solutions as we continue to invest in our technology, people and product development.”
LMAX Group is accelerate its growth across the US through this acquisition, as well as strengthening its technical capabilities and customer and liquidity relationships.
The move is part of LMAX Group’s international growth strategy as it aims to build a leading institutional FX exchange.
James Singleton, chief executive of Cürex, said: “LMAX Group is the right business to take Cürex into the next stage of its evolution and start a new phase of growth. After more than a decade of building Cürex, I will be leaving the business, following completion of the acquisition. It has been a privilege to serve in this role and I have no doubt that the combined organisations can achieve great success together under the leadership of LMAX Group.”
Earlier this year, LMAX Digital, an institutional crypto currency exchange operated by LMAX Group, alongside digital asset custodian, Zodia Custody agreed to provide both trading infrastructure and custody services to European digital asset manager CoinShares.
