BidFX

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BidFX
Founded	2017
Headquarters	London
Key People	Jean-Philippe Male, CEO
Products	Cloud-based FX trading platform for institutional investors
LinkedIn	Profile
Website	https://www.bidfx.com/
Blog	https://www.bidfx.com/blog

The fintech company BidFX was spun off in 2017 as a division of TradingScreen, a provider of multi-asset execution and order management systems, and counts hedge funds, asset managers and regional bankers as its clients. BidFX focuses on the FX market, providing a complete suite of negotiation protocols, including autorouting, streaming, RFS, voice and algos via a cloud-based FX solution. According to the company, its TCA solution features pre-trade predictive models, in-trade benchmarking and post-trade synopses.

History

Singapore Exchange (SGX), an international multi-asset exchange and one of the largest derivatives marketplaces in Asia, announced on June 29, 2020, that it would acquire the remaining 80 percent stake in BidFX from its other shareholders for approximately $128 million, a move that would expand SGX’s reach beyond FX futures into the global FX over-the-counter (OTC) market. SGX first acquired a 20 percent stake in BidFX in March 2019, with the aim of bringing together FX futures with OTC markets.

In a statement on the acquisition, Loh Boon Chye, the chief executive officer of SGX, said, “The future of FX lies in the ability for market participants to benefit from price discovery, liquidity and transparency for both OTC and listed futures trading in a single unified venue. BidFX is ahead of the curve in developing sophisticated electronic FX trading and workflow solutions. With BidFX as part of the SGX Group, we can now serve a wider FX community with more comprehensive solutions and enhanced distribution capabilities, while bringing together the two growing and mutually-reinforcing pools of liquidity.”

BidFX has seen record trading volumes in recent quarters. Since BidFX’s establishment in January 2017, average daily volumes have grown at a compounded annual growth rate of 57 percent to $31 billion in May 2020. BidFX clients include more than 100 of the world’s largest banks, hedge funds and asset managers currently connected to its platform. TradingScreen said its clients will continue to have access to BidFX via its TradeSmart® application.

Products and Services

Since the start of 2020, BidFX’s global clients have been able to trade across both OTC and futures FX markets, with the option to have bilateral counterparty or centrally cleared FX exposures in a single venue with an integrated workflow management system.

Other BidFX services include: liquidity aggregation, featuring low-latency FX price streams from banks, non-banks, inter-dealer brokers and ECNs; multi-asset platforms, including futures, options and spreads, equities, fixed income and OTC products; model-driven trading strategies; risk and compliance services; and FX transaction cost analysis.

Key People

Jean-Philippe Malé is the chief executive officer of BidFX. Previously, he was regional manager EMEA at TradingScreen and CEO of Galaxy, TradingScreen’s multilateral trading facility focusing on the European bond market.

From 2004 to 2011, Malé was based in London and New York, where he served as global head of products. During that period he worked directly with management to coordinate business development efforts and implement the first multi-asset class execution management system.