Moscow Exchange to acquire stake in e-fx trading platform
On 5 March, Moscow Exchange’s Supervisory Board approved the purchase of a minority stake in BierbaumPro AG and approved an agreement under which the Exchange will consolidate ownership of up to 100% of BierbaumPro’s equity over a period of three years. The final price for 100% of the company’s equity will depend on Bierbaumpro’s operational and financial performance.
BierbaumPro holds a 100% ownership stake in NTProgress, the Russian company behind the development of the proprietary OTC FX platform NTPro. NTProgress is BierbaumPro’s main asset.
Since its launch in 2016, NTProgress has evolved from a startup to one of the leading platform solution providers on the Russian OTC FX electronic market, with a client base of more than 30 banks. The platform offers solutions for liquidity aggregation, matching and algo execution across a wide range of FX instruments. In 2019, average daily turnover on NTPro was around USD 4.5 billion.
The partnership between MOEX and NTProgress will create synergies by expanding both companies’ service offering and allowing them to offer clients NTPro’s highly flexible advanced FX trading solutions alongside MOEX’s risk-management and post-trade facilities.
MOEX will continue to develop NTPro in cooperation with the current NTProgress team.
Igor Marich, Member of the Moscow Exchange Executive Board, said:
"The acquisition of NTPro marks an important milestone in the delivery of MOEX’s new strategy, as the Exchange seeks to enter rapidly developing market segments adjacent to its existing business. The addition of OTC market services and functionality to our product line means we will be better able to meet our clients’ needs."
Vyacheskav Kashigin, CEO of NTProgress, said:
"The partnership with MOEX opens a new page in the NTProgress story, and underscores the confidence in our team’s industry-recognized ability to create high-tech trading services. The transaction has been structured to motivate the parties to work together effectively over the long term."