State Street acquires FX TCA startup BestX

Tuesday 21 August 2018 10:37 CET | News

US-based financial services and banking holding company State Street has acquired FX trading startup BestX for upgrading front office capabilities.

Full terms of the deal were not disclosed, but a spokesperson at State Street confirmed it is expected to close in the third quarter of 2018, subject to customary closing conditions and regulatory approvals.

BestX is a transaction cost analysis specialist for foreign exchange markets. State Street will acquire BestX from Thomson Reuters, which has held a 10% stake in the company as BestX retained majority ownership of the remaining 90%. BestX will be fully integrated into State Street as a wholly-owned subsidiary upon closure of the deal.

BestX was established in 2016 with a view to create an industry standard for FX TCA. JP Morgan became BestX’s first institutional client when it implemented the company’s third-party execution analysis for electronic FX trading back in January 2017.

The deal is the latest move by State Street to improve its front office trading services and product suite after confirming its acquisition of execution and order management systems provider Charles River Development in July 2018.

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Keywords: State Street, US, BestX, financial services, transaction cost analysis, foreign exchange markets, Thomson Reuters, FX , TCA, Charles River Development, JP Morgan
Countries: World