SGX buys 20% stake in e-trading firm BidFX for $33.9m

CEO Loh Boon Chye will now join the board of BidFX.

Singapore Exchange (SGX) has acquired a 20% stake in foreign exchange e-trading solutions BidFX for a total cash consideration of $33.9m (US$25m), including an option for additional shares to gain a controlling interest.

The strategic investment is part of SGX’s strategy to build core pillars of growth across multiple asset classes. BidFX plans to utilise the funds to further grow its reach and offering amongst institutional investors.

“With this investment, we have an opportunity to offer our suite of Asian FX futures alongside the over-the-counter (OTC) products offered on the BidFX platform, bringing together both pools of liquidity,” said Loh Boon Chye, CEO of SGX who will join the board of BidFX.

BidFX was spun off as a division of TradingScreen, a provider of a multi-asset execution and order management system, in January 2017.

It offers a cloud-based, front-end trading platform to help hedge funds, traditional asset managers and regional banks trade, improve access to liquidity, generate alpha and simplify workflows. Its liquidity aggregation platform supports FX spot, swaps and forwards for G10 and Asian currencies.

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