Yesterday’s acquisition of 360T AG, a Germany-based leading electronic FX marketplace, by Deutsche Boerse for EUR725 million was one of Aite Group’s predictions in a recent report. FX as an asset class has been an afterthought to most global exchanges, and they didn’t devote enough resources or attention to grow the business. Competing more efficiently for FX turnover, a number of over-the-counter electronic venues gained scale over the past five to 10 years to the point that they are today turning heads and becoming attractive acquisition targets.
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Two established platforms are seeing growth and expansion, and one startup fixed income trading platform files for liquidation. While Market Access reports record Q2 2015 earnings and profit, and Tradeweb Markets announces a deal to provide electronic fixed income trading for the European Central Bank, Bondcube, a fixed income trading platform 30% owned by Deutsche Boerse, has ceased operations.
Many are attempting to rattle Main Street with claims that Wednesday’s NYSE outage should cause investors to fear for their retirement portfolios. Worse, conspiracy theorists were quick to conclude that the multiple outages Wednesday, including those of United Airlines, The Wall Street Journal’s website, and the NYSE, were the result of a coordinated cyberattack. Once done with the knee-jerk reactions, here are a few things to consider: