Thomson Reuters To Buy FX Alliance
07/09/2012| 05:55am US/Eastern
By Eva Szalay
Thomson Reuters Corp. (>> Thomson Reuters Corporation) has agreed to buy electronic currencies trading platform FX Alliance Inc. (>> FX Alliance Inc) 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.
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