NEW YORK (
, a foreign exchange currency-trading platform, has reached an agreement to buy LavaFX from
Terms of the acquisition weren't disclosed.
FXall, in a press release Monday, said the acquisition will grow its institutional client base to nearly 1,000 hedge funds, banks, broker-dealer and asset managers.
LavaFX's CEO Tom San Pietro has joined Fxall as head of active trading.
"Citi believes a multi-bank platform is best owned by a multi-bank provider, making the sale of LavaFX to FXall the right strategy for its continued growth," said Jeff Feig, global head of G10 foreign exchange at Citigroup.
-- Reported by Joseph Woelfel in New York.
Follow TheStreet.com on
and become a fan on