State Street, a Boston financial services company, will purchase independently-owned, New-York based online foreign exchange trading platform Currenex for approximately $564 million, which will be paid in cash.
State Street will combine its own foreign exchange trading platform,
FX Connect, with Currenex to complement its services: Currenex serves the active trading community while FX Connect is geared toward institutional investors. The Currenex platform will cater to hedge funds and other specialized investors.
“This acquisition accelerates State Street’s participation in the fast growing electronic foreign exchange trading marketplace, while significantly increasing and diversifying State Street’s trading customer base beyond traditional asset managers to include more active currency managers and hedge funds,” says a spokesperson for State Street.
By Yesenia Salcedo
