QUOTE AND NEWS
Wall Street Journal  Aug 5  Comment 
Thomson Reuters plans to expand its Eikon instant messaging platform to include customers of FX Alliance LLC, an electronic foreign exchange trading platform acquired last year.
Mondo Visione  Aug 20  Comment 
Thomson Reuters (TSX / NYSE: TRI), the world’s leading source of intelligent information for businesses and professionals, today announced that it has completed its acquisition of FXall (NYSE:FX), the leading multi-bank electronic foreign...
Mondo Visione  Jul 31  Comment 
Thomson Reuters (TSX / NYSE: TRI), the world’s leading source of intelligent information for businesses and professionals, and FXall (NYSE:FX), the leading independent global provider of electronic foreign exchange trading solutions to...
Mondo Visione  Jul 18  Comment 
Thomson Reuters (TSX / NYSE: TRI) is commencing today, through its indirect wholly-owned subsidiary CB Transaction Corp, a cash tender offer to purchase all outstanding shares of common stock of FX Alliance Inc. (FXall) (NYSE:FX). Thomson Reuters...
Marketwire  Jul 17  Comment 
NEW YORK, NY -- (Marketwire) -- 07/17/12 -- Levi & Korsinsky notifies investors of FX Alliance Inc. ("FXall" or the "Company") (NYSE: FX) of claims of breaches of fiduciary duty and other violations of state law against the board of directors of the
Wall Street Journal  Jul 9  Comment 
Thomson Reuters is buying the electronic currencies trading platform for $616 million in a move to get a bigger slice of the $4 trillion a day global currencies business.
MarketWatch  Jul 9  Comment 
Thomson Reuters Corp. said Monday it would pay $22 a share in cash to buy FX Alliance Inc. , an independent provider of electronic foreign exchange trading solutions for corporations and asset managers. The price values FX at a premium of about...
Benzinga  May 8  Comment 
According to a research report published this morning, Bank of America has downgraded FX Alliance (NYSE: FX) from Neutral to Underperform. In the report, Bank of America said, "FX reported a solid 1Q result that beat expectations, but we are...
Benzinga  Feb 9  Comment 
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FX Alliance (FXall) is a foreign exchange trading platform. The company's clients are institutions which use the service 24 hours a day, 5 days a week to evaluate prices, execute trades, enter into FX products like forwards and swaps. However, ((FXall)) does not act as a market maker and does not take positions on the market. Instead, all transactions are settled directly with the counterparty. The company makes money by charging transaction fees as well as license fees.[1]


Business Overview

For the first nine months of 2011, ((FXall)) reported a total revenue of $88.7M. This resulted in a net income of $18.3M. For the same period in 2010, the company reported a total revenue of $73.5M and a net income of $16M. [2]

New Updates

Thomson Reuters (TSX / NYSE: TRI), the world’s leading source of intelligent information for businesses and professionals, today announced that it has completed its acquisition of FXall (NYSE:FX), the leading multi-bank electronic foreign exchange platform.

This follows the agreement that was announced on July 09, 2012. Thomson Reuters, through its subsidiary, CB Transaction Corp. (“CB”), completed the acquisition through a cash tender offer and by exercising a top-up option to acquire additional shares directly from FXall followed by a short-form merger of CB with and into FXall on August 20, 2012.

The acquisition brings FXall’s leading trading and workflow processes which are used by over 1,300 institutional clients including asset managers, corporations, banks, broker-dealers and hedge funds into Thomson Reuters, combining two leading companies in their respective segments of the dynamic foreign exchange marketplace.

The company's initial public offering of stock on the NYSE occurred on February 8, 2012. The company offered 5.2M shares each for $12. This was below the $13.50-$15.50 initial price range. The deal raised a total of $62.4M. The lead mangers of the deal were BofA, Goldman, and Citi.[3]

Trends & Forces

Platform and Not Market Maker

Because ((FXall)) does not act as a market maker, it does not take any active positions in the market. Instead, it acts like a messenger and simply identifies two parties and allows them to settle their transactions between themselves. This allows ((FXall to remain unbiased in its search for the optimal price for both parties. However, it does prevent the company from taking advantage of movements in the market. As a result, ((FXall)) is fundamentally dependent on the volume of trading in the FX market rather than its directional movement. [4]

  1. FX S-1/A 2012 PROSPECTUS SUMMARY "Our Company" pg 1-2
  2. FX S-1/A 2012 PROSPECTUS SUMMARY "SUMMARY HISTORICAL CONSOLIDATED FINANCIAL AND OPERATING DATA" pg 10
  3. Renaissance Capital - IPO Home "FX Alliance prices IPO at $12, below the range" 8 Feb 2012
  4. FX S-1/A 2012 PROSPECTUS SUMMARY "Risks Related to Our Busines" pg 13-15
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