Data from parent company Euronext NV (EPA:ENX) indicate that Forex ECN FastMatch saw a slowdown in business during Q3, with FastMatch revenues down by 4% from €5.6 million in Q2 to €5.4 million (USD $6.1 million) in Q3-2018.
That really shouldn’t come as a surprise to LeapRate readers, as we had reported over the past few months that FastMatch had its slowest month of 2018 in September, with FX trading volumes at $18.6 billion ADV.
During Q3 Euronext consolidated its ownership of FastMatch, increasing its ownership stake in the company to 97.3% after buying out ex CEO Dmitri Galinov. Mr. Galinov is challenging the terms of his exit from the company. Euronext first acquired control of FastMatch in August 2017, buying a 90% stake in the company from its three largest shareholders – Global Brokerage Inc (NASDAQ:GLBR), Credit Suisse and BNY Mellon Corp – for $153 million.