FX market round-up: TCV takes stake in FXall
Private equity firm Technology Crossover Ventures (TCV) has taken a minority stake in multi-bank trading platform FXall for $77.5 million. FXall declined to reveal what percentage of the company this represents, but in February, Euromoney revealed that the company, established in 2000 by a consortium of 17 banks, was in discussions with private equity to sell a stake of between 25% and 30%.
FXall says TCV’s investment will help it accelerate its growth, “while supporting FXall’s core strategy of providing asset managers, banks, broker-dealers, corporations and hedge funds with foreign exchange execution and post-trade services as well as deep liquidity across all currency pairs.”
TCV partners Henry Feinberg and Robert Trudeau will join the company’s board. The deal is expected to complete in August.