UPDATE 1-FX Alliance prices IPO below range -underwriter

Feb 8 (Reuters) - FX Alliance Inc priced its initial public offering of common stock at $12 per share, below its expected price range, according to an underwriter.

The New York-based company, which provides electronic foreign exchange trading solutions, had expected to sell 5.2 million shares in its IPO at between $13.50 and $15.50 each.

All the shares in the offering are being sold by a group of selling stockholders, which includes Citigroup Technology, Goldman Sachs Group, HSBC USA and Royal Bank of Scotland.

The company, which will not receive any proceeds from the IPO, is valued at about $340 million at the IPO price.

FX Alliance shares will begin trading on the New York Stock Exchange on Thursday under the symbol "FX."

The company, which has over 1,000 institutional clients, expects net income of between $25.6 million and $26.4 million on revenue between $117.5 million and $118.5 million, for the year ended Dec. 31, 2011.

BofA Merrill Lynch, Goldman, Sachs & Co, Citigroup and JP Morgan acted as joint book-running managers to the offering.