FXall, a multi-bank foreign exchange electronic trading platform for financial institutions, has agreed to purchase LavaFX, a rival FX trading system owned by investment bank Citi.
The deal will see LavaFX CEO Tom San Pietro join FXall as head of active trading and is expected to increase FXall’s institutional client base to nearly 1,000 hedge funds, commodity trading advisors, banks, broker-dealers, corporate treasurers and asset managers. Terms of the deal were not disclosed.
“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,” said Jeff Feig, global head of G10 foreign exchange, Citi. “As a shareholder and long standing liquidity provider to FXall, Citi is confident LavaFX clients and employees will benefit from this transaction. Citi will continue to support LavaFX and contribute to its future success as a part of FXall.”
San Pietro added,
“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 non-deliverable forwards which allows them to meet both their best execution and workflow management needs.”