NEW YORK, January 4 /PRNewswire/ -- FXall, the world's leading
institutional multi-bank electronic foreign exchange platform, today
announced an agreement to purchase LavaFX from Citi. The acquisition is the
latest addition to FXall's offering as it continues its long established
program of investment to create the best platform for clients. With LavaFX,
FXall grows its institutional client base to nearly 1,000 of the world's
largest hedge funds, CTAs, banks, broker-dealers, corporate treasurers and
asset managers and adds capabilities to give clients an edge at every phase
of the transaction lifecycle.
Tom San Pietro, CEO of LavaFX has joined FXall as Head of Active Trading.
"I am excited to join FXall to continue to develop the 'go to' multi-bank
destination for active traders. It is clear that by leveraging the combined
strengths of LavaFX and FXall, active traders will benefit from a single
point of access to the broadest execution capabilities, unparallaled
liquidity in all market conditions, and a wide range of products including
spot, swap, forward and NDFs which allows them to meet both their best
execution and workflow management needs."
Commenting on the agreement, Phil Weisberg, CEO of FXall, said: "We have
long admired LavaFX's innovative, client focus on active trading which
compliments FXall's offering for this important client segment. We want to
stay a step ahead and are pleased to welcome Tom and the talented LavaFX team
joining FXall to ensure that clients' experience with this transition is
seamless. There is no question all our stakeholders - clients, employees and
investors will continue to benefit from our continued investment and
development in the FX market."
Jeff Feig, Global Head of G10 Foreign Exchange at Citi, added: "LavaFX is
an innovative force in the industry, having built an excellent platform with
talented staff. 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. 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."
FXall is committed to ensuring a smooth transition for existing LavaFX
clients and will provide full access and continued support to proprietary
systems in conjunction with the availability of a wide range of additional
products and technology solutions.
Terms of the deal were not disclosed.
FXall gives institutional clients an edge in foreign exchange trading as
the leading independent electronic platform. We deliver the expertise,
resources and commitment of a neutral platform with the broadest suite of FX
trading solutions that combine execution tools with end-to-end workflow
management and straight through processing. Our flexible tool set delivers
the right execution strategies and liquidity in all market conditions for
over 800 institutions globally. FXall's offices in New York, Boston, London,
Tokyo, Singapore and Sydney serve the needs of active traders, asset
managers, corporate treasurers, banks, broker-dealers and prime brokers.
For more information on FXall, visit http://www.fxall.com