The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.


All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.
FOREIGN EXCHANGE

Acquisition: Currenex comes back to life for State Street

Perceived as dead and buried three years ago, a $564 million purchase price stuns the market.

When Cliff Lewis became chairman and chief executive of Currenex in January 2003, he signalled his intention of reinventing the company. It would no longer be simply a high-technology utility for the buy side but rather a broader foreign exchange marketplace run on a for-profits basis. Few at the time gave Lewis any real chance of success, especially as it was widely predicted that the multi-bank platform space was ripe for consolidation. This contraction of trading venues has yet to occur and it might be that Currenex’s sale revives the topic, at least as a debate even if not as a reality. What is clear is that with the sale of the company for $564 million in cash to State Street Corporation, Lewis’s early confidence in his ability to turn it around has been more than justified.

Although it was an open secret that Currenex was auctioning itself, the price has stunned many in the FX market. After all, it is barely a year since HotspotFX was dispatched by its owners for a mere $77.5 million to Knight Financial. And EBS, without question the biggest spot FX middleman in the market, was sold to Icap for about $800 million.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree