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 Cookiesbefore 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.

Venues face challenge to make FX acquisitions pay their way

Leading exchanges have seen little return from their investment in electronic trading venues and face some tough decisions over how to increase revenues.

Exchanges have been busy bolting on new acquisitions during the past 18 months.

Shareholders of the London Stock Exchange (LSE) have approved its deal to purchase Refinitiv, a financial data business that was carved out of Thomson Reuters and bought by Blackstone in 2018.

Deutsche Börse, meanwhile, has acquired GTX, an FX electronic communications network (ECN), while CME Group has bought NEX, which included the EBS trading platform.

The moves appear sensible. Each of the exchange operators has opportunities to provide trading, clearing, processing, data and analytics tools to both pure FX traders and traders who are hedging against securities or derivatives.

Henry_Wilkes 160x186

Henry Wilkes,
Point Group

“The merger between LSE and Refinitiv should be a powerful package as it brings together the data expertise of Refinitiv with the trading experience of the LSE to create a services provider to banks and brokers offering a platform for trading shares, currencies, bonds and derivatives,” says Henry Wilkes, head of foreign exchange at Point Group, a consultancy firm.

Exchanges are now highly electronic marketplaces, so investment in electronic FX trading platforms is a logical move.

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.


Unlimited access to and

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


Unlimited access to and, 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


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