LONDON (Reuters) - Thomson Reuters Corp TRI.TO TRI.N has agreed to buy the foreign exchange options business of Tradeweb Markets for an undisclosed amount, the company said on Tuesday.
Tradeweb Market’s foreign exchange options business serves financial professionals such as pension fund managers and institutional investors who use the platform to trade options on major currencies.
The acquisition is part of a larger push by Thomson Reuters to expands its presence in foreign exchange. The global news and information company bought FX Alliance for $625 million last year.
Tradeweb’s foreign exchange options clients will eventually migrate to the FXall and will have access to more liquidity and products.
FXall recorded 108 billion daily transactions in May.
Thomson Reuters tried to develop its own foreign exchange options platform in 2010 but abandoned those efforts in favor of acquisitions.
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 Jennifer Saba in New York and Anirban Nag in London Editing by Jeremy Gaunt