State Street buys Currenex for $564 million
State Street Corporation has stunned the foreign exchange (FX) market with its purchase of multi-bank platform Currenex. Although it has been an open secret that Currenex had effectively sought to engineer an auction for itself, the price paid appears to have left industry participants astonished.
“I am having trouble breathing. ICAP got a steal on EBS,” was the immediate reaction of the global head at one major FX trading institution.
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