Singapore based investment holding company Singapore Exchange Limited (SGX) has announced that it will be cashing out a whopping $128 million to acquire 80% stake in forex trading platform BidFX.
Singapore exchange says this acquisition deal is among other several it will be undertaking as it seeks to make entry into the foreign exchange futures and the over the counter market.
The CEO of the company Loh Boon Chye, claimed FX and other financial securities pose great returns when investments are made wisely giving considerations to market conditions.
“The future of FX lies in the ability for market participants to benefit from price discovery, liquidity and transparency for both OTC and listed futures trading, in a single unified venue,” added the CEO.
SGX is anticipating on using external borrowed finds to finance the deal, it says this approach will offer a massive range of assets to global investors.
Back in March 2019, SGX acquired 20% stake in BidFX which means it will have fully purchased the company when the $128 million deal is closed.
In the begging of the year, SGX announced it was purchasing Scientific Beta Pte Ltd an independent index provider for $209 million. Up to date this remains its largest deal ever.