Just after State Street bought Currenex for $564 million back in early 2007, I argued that the deal would force the re-rating of FX platforms and the companies that owned them.
State Street paid 22 times forecast earnings for Currenex, which at the time made several other deals, including Icap’s purchase of EBS, look as cheap as chips. I argued that the valuations of several companies primarily active in the over-the-counter markets were far too low, especially when compared with companies such as the London Stock Exchange.
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