FXall, a multi-bank electronic foreign exchange platform, has enetered into an agreement to purchase LavaFX from Citi. With LavaFX, FXall grows its institutional client base to nearly 1,000 hedge funds, CTAs, banks, broker-dealers, corporate treasurers and asset managers and adds capabilities to give clients an edge at every phase of the transaction lifecycle.
FXall said that it would ensure a smooth transition for existing LavaFX clients and provide full access and continued support to proprietary systems in conjunction with the availability of a wide range of additional products and technology solutions.
Tom San Pietro, CEO of LavaFX, has joined FXall as head of active trading. He said: “It is clear that by leveraging the combined strengths of LavaFX and FXall, active traders will benefit from a single point of access to the broadest execution capabilities, unparallaled liquidity in all market conditions, and a wide range of products including spot, swap, forward and NDFs which allows them to meet both their best execution and workflow management needs.”
Phil Weisberg, CEO of FXall, said: “We want to stay a step ahead and are pleased to welcome Tom and the talented LavaFX team joining FXall to ensure that clients’ experience with this transition is seamless. There is no question all our stakeholders – clients, employees and investors will continue to benefit from our continued investment and development in the FX market.”
Jeff Feig, global head of G10 Foreign Exchange at Citi, said: “Citi believes a multi-bank platform is best owned by a multi-bank provider, making the sale of LavaFX to FXall the right strategy for its continued growth. As a shareholder and long standing liquidity provider to FXall, Citi is confident LavaFX clients and employees will benefit from this transaction. Citi will continue to support LavaFX and contribute to its future success as a part of FXall.”
