(Corrects paragraph 5 of July 2 story to show FXall recorded
average daily volumes of $108 billion in May and adds words
"electronic trading platform" in paragraph 4.)
LONDON, July 2 Thomson Reuters Corp
has agreed to buy the foreign exchange options business
of Tradeweb Markets for an undisclosed amount, the company said
Tradeweb Markets' foreign exchange options business serves
financial professionals such as pension fund managers and
institutional investors who use the platform to trade options on
The acquisition is part of a larger push by Thomson Reuters
to expand its presence in foreign exchange. The global news and
information company bought FX Alliance for $625 million last
Tradeweb's foreign exchange options clients will eventually
migrate to the FXall electronic trading platform and will have
access to more liquidity and products.
FXall recorded average daily volumes of $108 billion in May.
Thomson Reuters tried to develop its own foreign exchange
options platform in 2010 but abandoned those efforts in favour
Thomson Reuters is the majority owner of Tradeweb; the other
stakeholders are 10 banks, including Morgan Stanley, Goldman
Sachs and Credit Suisse. Thomson Reuters and Tradeweb declined
to disclose the amount of the ownership stakes in Tradeweb.
(Reporting by Jennifer Saba in New York and Anirban Nag in
London, Editing by Jeremy Gaunt/Nigel Stephenson)