Forex all to buy forex platform from Citi

FX all, an electronic trading platform for foreign exchange, on Monday said it would buy LavaFX, a rival forex trading platform owned by Citibank.

The move is another example of the gradual consolidation of FX electronic trading platforms. In 2007, State Street bought Currenex, a platform that was popular with hedge funds.

FXall specialises in providing FX services to active traders, asset managers, corporate treasurers, banks, broker-dealers and prime brokers.

Its acquisition of LavaFX will boost the number of its institutional clients by around 200 to 1,000 of the world’s largest hedge funds, banks, broker-dealers, corporate treasurers and asset managers.

Tom San Pietro, LavaFX chief executive, would join FXall as head of active trading.