FXall Buys LavaFX Platform From Citigroup

Fxall, a foreign exchange platform, has reached an agreement to buy LavaFX from Citigroup. Terms weren't disclosed.
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NEW YORK (

TheStreet

) --

Fxall

, a foreign exchange currency-trading platform, has reached an agreement to buy LavaFX from

Citigroup

(C) - Get Report

.

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.

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