LMAX Group, operator of institutional execution venues for FX and digital assets trading, has entered into an agreement to acquire the FX business of Cürex, a New York City‐based institutional foreign exchange execution services and data analytics company. The details of the transaction have not been disclosed.
Established in 2009, Cürex’s ECN product portfolio includes a firm pricing spot FX central limit order book supporting bank algo platforms; a peer-to-peer matching pool and a pre-trade and post‐trade analytics platform that includes real‐time data analysis.
David Mercer, CEO, LMAX Group, said: “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.”
James Singleton, CEO of Cürex, added: “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.”
Cürex’s bank and buy-side relationships will complement the existing institutional client base of LMAX Group’s FX business while LMAX Group hopes to accelerate its growth in the US, strengthening its technical capabilities and customer and liquidity relationships. For Cürex, the transaction provides the scale and technical expertise for continued growth, along with a foothold to enter Asia and expand its liquidity pools through LMAX Group’s established operations and connectivity via its matching engines in Singapore and Tokyo.
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