On Tuesday, Thomson Reuters Corp decided to buy Tradeweb Markets' foreign exchange option business. Thomson Reuters wanted to expand its existence in foreign exchange but did not disclose the amount it was willing to pay.
Tradeweb Market's foreign exchange options firm served financial professionals. Institutional stockholders and pension fund executives used the platform to exchange options on foremost currencies.
The international news and information corporation's purchase was part of its larger push to develop the business. Last year, Thomson Reuters acquired FX Alliance woth US$625 million.
Tradeweb's foreign exchange options customers were expected to migrate to FXAll. Consequently, FXAll planned to provide access to more liquidity and products.
In May, FXAll documented US$108 billion transactions per day.
In 2010, Thomson Reuters developed a specific foreign exchange options platform. However, it decided to abandon the efforts for acquisitions.
Thomson Reuters was the majority owner of Tradeweb. Morgan Stanley, Goldman Sachs, Credit Suisse and seven other banks were the other stockholders. Thomson Reuters and Tradeweb refused to reveal the amount of the proprietorship stakes in Tradeweb.
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