Northern Trust Acquires BEx LLC to Drive Innovation and Growth in Global Foreign Exchange
December 04 2018 - 10:00AM
Business Wire
Deal Builds on 2016 Partnership for Algorithmic
Trading and E-Commerce Platform
Northern Trust (Nasdaq: NTRS) today announced an agreement to
acquire BEx LLC, a provider of foreign exchange (FX) software
solutions, to drive continued innovation and growth in its Global
Foreign Exchange business.
The acquisition will give Northern Trust ownership of a platform
providing algorithmic FX trading, global liquidity aggregation and
transparency in execution and pricing to institutional clients
worldwide. The agreement builds on an exclusive partnership between
Northern Trust and BEx announced in 2016.
“BEx has been a key differentiator for Northern Trust,
increasing the depth and breadth of our global FX execution
capabilities,” said Pete Cherecwich, President of Corporate &
Institutional Services (C&IS) at Northern Trust. “In an
evolving FX marketplace, this acquisition provides a foundation for
sustained growth and innovation on behalf of our clients.”
Headquartered in Chicago and established in 2013, BEx is a
financial technology software firm dedicated to developing
automated FX trading solutions.
In recent years Northern Trust has launched distinctive
solutions integrating BEx technology with Northern Trust’s global
platform and deep experience in FX, including CompleteFX™, a
stand-alone execution service for investment managers seeking
best-in-class operational efficiency and reduction of risk; and the
FX Algo Suite, sophisticated client execution algorithms that allow
clients to manage their FX exposure with an enhanced level of
control and transparency.
“We’ve built a compelling global offering that allows clients to
benefit from highly automated trade execution with enhanced
transparency,” said John Turney, Head of Global Foreign Exchange at
Northern Trust. “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.”
Northern Trust has also partnered with Lumint Corporation, an
innovative provider of currency management services, to deliver
advanced portfolio, share class and look-through hedging services,
complemented by sophisticated transparency and analytical
tools.
Northern Trust Global Foreign Exchange, part of Northern Trust
Capital Markets, provides a range of liquidity, trading,
transaction processing and outsourced FX solutions for
institutional investors. Northern Trust Capital Markets provides
brokerage, securities lending and transition management services,
in addition to FX. It is a division of Corporate &
Institutional Services, which provides asset servicing, fund
administration and middle office solutions to institutional asset
managers and asset owners around the globe.
“This acquisition reinforces Northern Trust’s commitment to
providing innovative trading, execution and outsourcing services
across all asset classes and regions,” said Michael Vardas, Global
Head of Northern Trust Capital Markets. “Taking full ownership of
the BEx platform will future-proof our growth strategy and support
our most sophisticated clients as they navigate global
markets.”
About Northern Trust
Northern Trust Corporation (Nasdaq: NTRS) is a leading provider
of wealth management, asset servicing, asset management and banking
to corporations, institutions, affluent families and individuals.
Founded in Chicago in 1889, Northern Trust has offices in the
United States in 19 states and Washington, D.C., and 23
international locations in Canada, Europe, the Middle East and the
Asia-Pacific region. As of September 30, 2018, Northern Trust had
assets under custody/administration of US$10.8 trillion, and assets
under management of US$1.1 trillion. For more than 125 years,
Northern Trust has earned distinction as an industry leader for
exceptional service, financial expertise, integrity and innovation.
Visit northerntrust.com or follow us on Twitter @NorthernTrust.
Northern Trust Corporation, Head Office: 50 South La Salle
Street, Chicago, Illinois 60603 U.S.A., incorporated with limited
liability in the U.S. Global legal and regulatory information can
be found at https://www.northerntrust.com/disclosures.
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version on businesswire.com: https://www.businesswire.com/news/home/20181204005270/en/
Europe, Middle East, Africa & Asia-Pacific Contacts:Camilla
Greene+44 (0) 207 982 2176Camilla_Greene@ntrs.com
Mat Barling+44 (0) 207 982 1445Mat_Barling@ntrs.com
US & Canada Contact:John O’Connell+1 312 444
2388John_O'Connell@ntrs.com
http://www.northerntrust.com
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