Financial Software - Monday, July 24, 2006
London's FXall And Online Foreign Exchange Making It Hand Over Fist
Technology Crossover Ventures is buying a minority stake in bank-owned foreign exchange trading portal FXall for $77.5M. The size of the stake that TCV is acquiring was not disclosed, but one trade pub circulates the rumor that FXall has agreed to sell a 20% share in the company.
Also, TCV is rumored to have won out over rival General Atlantic, which last year bought a 25% stake in forex specialist firm SaxoBank for $126.5M.
FXall is rated as the number one online foreign exchange for the fourth year running. Its market share has grown to more than 50% – double that of nearest competitor.
FXall launched in 2001. In Q2 this year, total trading on the platform surpassed $2.4 trillion, up 50% from Q2 2005.
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