FXall, the electronic foreign exchange platform, has agreed to buy LavaFX from Citi. With LavaFX, FXall grows its institutional client base to nearly 1,000 of the world’s largest hedge funds, CTAs, banks, broker-dealers, corporate treasurers and asset managers. Tom San Pietro, chief executive of LavaFX, has joined FXall as head of active trading.
Jeff Feig, global head of G10 Foreign Exchange at Citi, said: “Citi believes a multi-bank platform is best owned by a multi-bank provider, making the sale of LavaFX to FXall the right strategy for its continued growth. Citi will continue to support LavaFX and contribute to its future success as a part of FXall.”
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