IFX in US acquisition
IFX Group plc has bought Commerce Foreign Exchange LLC from Commerce Bank & Trust Company for $1.
First Published by e-Forex News: January, 2005
IFX Group plc has bought Commerce Foreign Exchange LLC from Commerce Bank & Trust Company for $1.9 million in cash. Commerce, which operates through its website www.cbfx.com, is a margin FX trading business with a strong US and international distribution capability, a fast-growing retail customer base of over 1,200 accounts and client funds of over $9.2 million. The business, founded in 2002, employs 15 staff in Boston, Mass. The acquired entity will trade under the banner of IFX Commerce, as a division of IFX Markets Inc, a US Futures Commission Merchant, regulated by the CFTC and a member of the NFA.<br>
James Thornton, Head of Foreign Exchange at IFX said: "The acquisition of Commerce is a significant step forward for IFX's existing FX business. It brings excellent people, with a strong sales culture and a wide customer base, and delivers improved access to the US and international retail markets.