Thomson Reuters To Buy FX Alliance
09 July 2012 - 8:09PM
Dow Jones News
By Eva Szalay
Thomson Reuters Corp. (TRI) has agreed to buy electronic
currencies trading platform FX Alliance Inc. (FX) in a move that
will see the two trading platforms merge to create a trading venue
where the largest banks in the space will interact with corporate
clients and high-frequency traders.
Thomson Reuters will acquire all of FX Alliance for $22 a share
in cash and the deal is expected to close in the third quarter of
this year.
Thomson Reuters, which also produces news that competes with
News Corp.'s Dow Jones & Co., publisher of The Wall Street
Journal and Dow Jones Newswires, traditionally caters for the
interbank currencies market, while FX Alliance provides trading for
corporate and other institutional clients. The merging of the two
platforms will likely crank up the pressure on competing
systems.
Write to Eva Szalay at eva.szalay@dowjones.com
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