NEWS UPDATE
FOREIGN EXCHANGE
Northern Trust acquires FX algo trading platform
Northern Trust has agreed to acquire Chicago-based FX algo trading platform and
global liquidity aggregator provider, BEx.
N
orthern Trust has confirmed that it has agreed to
acquire a foreign exchange (FX) software services
provider as it seeks to grow its global FX business.
The deal will see Northern Trust gain ownership of BEx,
which was established in 2013 and is based in Chicago.
BEx provides a platform for FX algorithmic trading and
a global liquidity aggregator, alongside transparency in
execution and pricing for institutional clients.
In 2016, the $1.1 trillion asset manager entered into a
partnership with BEx to collaborate on and develop new
FX trading software to be used on Northern Trust’s FX
trading platform for automation, customised trade exe-
cution and improved transparency.
“BEx has been a key differentiator for Northern Trust,
increasing the depth and breadth of our global FX exe-
cution capabilities,” said Pete Cherecwich, president of
Corporate & Institutional Services at Northern Trust. “In
an evolving FX marketplace, this acquisition provides a
foundation for sustained growth and innovation on behalf
of our clients.”
Following the initial partnership, Northern Trust has
launched several services integrating BEx’s technology,
including CompleteFX, a stand-alone execution service for
investment managers, and an FX algo suite.
“We’ve built a compelling global offering that allows
clients to benefit from highly automated trade execu-
tion with enhanced transparency,” John Turney, head of
global foreign exchange at Northern Trust, commented.
“Ownership of BEx will strengthen our proven ability
to bring innovative products to market rapidly, further
enhancing the speed, reliability and quality of our FX
services.”
BEx also provides API connections to various major fi-
nancial institutions and exchange operators, according to
its website, including Goldman Sachs, JP Morgan, HSBC,
Morgan Stanley, BNP Paribas, as well as CME and ICE.
TRADE TECH
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