Acquisitions can sometimes turn out to be a flop. But when they do not, they can prove to be real gems and enhance a company’s top and bottom lines. Take, for instance, BidFX, a cloud-based foreign exchange (forex) trading platform provider, which became a fully owned subsidiary of the Singapore Exchange (SGX) last year.

For 1HFY2021 ended Dec 31, 2020, SGX says its fixed income, currencies and commodities business (FICC) recorded revenue of $99.2 million. This was an increase of $14.5 million or 17% from $84.8 million a year ago. The bourse operator says FICC revenue would have decreased 3% y-o-y to $82.5 million if not for BidFX’s contribution.

According to Jean-Philippe Malé, CEO of BidFX, the forex trading platform saw a spike in volume last year amid the Covid-19 pandemic. This came despite the potential work disruption that could occur owing to the lockdown measures implemented across many countries. Forex traders, bankers and hedge fund managers, who are usually bound to their office desks, were forced to work from home.

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