State Street has announced that it will be acquiring Currenex for around $ 564 million in cash to strengthen its position in electronic forex trading. Currenex connects more than 60 global banks to an electronic trading network. State Street’s current electronic foreign exchange trading platform, FX Connect, is offered to institutional clients.
The statement comments on the strong market growth with Forex trading worldwide now accounting for trading volumes of around $2.3 trillion per day.
