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Currenex and the re-rating of FX platforms
Although there were a few audible gasps in the FX market when it was revealed that State Street was buying Currenex for $564 million, the deal doesn’t look too rich with a little bit of hindsight. State Street has paid about 22 times forecast 2007 earnings, which hardly seems excessive but which no doubt will please Currenex’s biggest shareholder, TH Lee Putnam Ventures. It will also bring cheer to investors in other trading venues, who might have been briefly worried about their stakes following the sale of HotspotFX and EBS last year.
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