Data provider Markit is expanding its footprint in the $5 trillion dollar foreign exchange trading markets by acquiring a trade processing company.
Markit’s goal is simple, take advantage of DealHub’s clientele and expand its market share in one of the word’s only true 24/7/365 trading markets. Market plans to offer a complete suite of solutions for FX across venue connectivity, trading services, trade confirmation and management, clearing and regulatory reporting. It will also expand Markit’s customer base among banks, brokers and asset managers in the FX markets.
The acquisition is expected to close in the third quarter of 2015.
DealHub’s customers include global banks, regional banks, interdealer brokers, FX electronic trading venues and asset managers. The company has approximately 55 people based primarily in London, with additional offices in New York and Singapore.
The transaction will be funded by a combination of cash and Markit’s revolving credit facility. Financial terms of the transaction were not disclosed.
Following completion of the acquisition, DealHub will become part of Markit’s Processing division. It is not expected to have a material impact on Markit’s financial results in 2015.
