FXAll has picked their timing well, as they ride the wave of increased regulation in financial markets, with a $100mln IPO filing.
WSJ coverage:
FX Alliance Inc. on Monday filed plans for an initial public offering of up to $100 million in stock, as the forex trading platform expands its capacity for handling currency derivatives.
The company is adding staff and building technology to handle transactions in complex foreign-exchange options and other market functions, spurred by regulations designed to tighten trading practices in derivatives.
FXall, as the firm is known, already ranks among the biggest electronic trading venues for financial institutions to buy and sell cash currencies. It counts banks, asset managers and corporate treasurers among its clientele in the global currency markets, where an estimated $4 trillion changes hands per day.
According to documents filed with regulators Monday, FX Alliance recorded revenue of $57 million in the six months ended June 30, a 15% increase from the same period a year earlier. Profit for the period edged up 0.9% as operating expenses increased.
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Filed under: Dodd Frank, FX, Regulation, SEF, Web trading technology |
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[…] could FXall become too big (or too dominant) for the banks that support it with liquidity? According to the recent FXall $100mln IPO filing, FXall controls some 30% of the multi-dealer FX platform market through their various […]
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