Citi Sells LavaFX to FXall

Citi will sell LavaFX to FXall, a leading global institutional multi-bank electronic foreign exchange platform. FXall announced the agreement to purchase LavaFX from Citi this morning.

"Citi believes a multi-bank platform is best owned by a multi-bank provider, making the sale of Lava FX to FXall the right strategy for its continued growth," said Jeff Feig, global head of G10 Foreign Exchange at Citi, who commented on the sale in the release. As a shareholder and long-standing liquidity provider to FXall, Citi is confident LavaFX clients and employees will benefit from this transaction. Citi will continue to support LavaFX and contribute to its future success as a part of FXall," stated Feig. Feig also praised LavaFX "as an innovative force in the industry, having built an excellent platform with talented staff."

Tom San Pietro, CEO of Lava FX has joined FXall as head of active trading. "I am excited to join FXall to continue to develop the 'go to' multi-bank destination for active traders. It is clear that by leveraging the combined strengths of LavaFX and FXall active traders will benefit from a single point of access to the broadest execution capabilities, unparalleled liquidity in all market conditions, and a wide range of products including spot, swap, forward and NDFs which allows them to meet both their best execution and workflow management needs," stated San Pietro.

LavaFX's focus on active trading complements FXall's offering, according to Phil Weisberg, CEO of FXall, an independent electronic platform which services more than 800 institutions globally. But with the acquisition of LavaFX, FXall will grow its institutional client base to nearly 1,000 of the world's largest hedge funds, CTAs, banks, broker-dealers, corporate treasurers and asset managers, according to the release. Weisberg said the addition of Pietro and LavaFX's team would ensure that client's experience with the transition is seamless. FXall also aid it will provide full access and continued support to proprietary systems in conjunction with the availability of an additional products and technology solutions.

Details of the transaction were not disclosed. Ivy is Editor-at-Large for Advanced Trading and Wall Street & Technology. Ivy is responsible for writing in-depth feature articles, daily blogs and news articles with a focus on automated trading in the capital markets. As an industry expert, Ivy has reported on a myriad ... View Full Bio