London-based BidFX System Ltd, a cloud-based electronic forex trading solutions provider, has rebranded its corporate name to SGX FX Systems UK Ltd, echoing the branding of its parent Singapore Exchange (SGX).
According to the latest Companies House filing, the corporation's name has been officially changed today (Friday). However, the company's trade name appears to be the same: BidFX.
A Strategic Rebranding?
The corporate rebranding came more than three years after SGX completely took over the ownership of the Lodon-based company. The Singaporean bourse operator acquired an 80 percent stake in BidFX in mid-2020, adding to its existing holding of the other 20 percent. This provided SGX with full ownership of BidFX.
BidFX was established in 2017 by Trading Screen. While its headquarters remains in London, it also operates from offices in Singapore, Hong Kong, New York, Sydney, and Milan.
The offerings of BidFX include a cloud-based FX trading technology platform, solutions for order management systems, and customized liquidity access. It primarily targets hedge funds, asset managers, corporate treasury desks, or any other buy-side participants with its solutions.
A Growing Company
Earlier this year, Finance Magnates reported that BidFX's revenue in 2022 jumped 17.4 percent, thus surpassing $34.4 million. The figure was generated from the company's global operations.
However, the operating profit of the UK company dropped to $2.3 million from $3.5 million, primarily because of a significant jump in administrative fees, which was $32.6 million in the last fiscal year compared to $26.4 million in the previous year. It ended the year with a net profit of $2.1 million, down from $2.9 million in the previous year.
Apart from BidFX, the companies behind another well-known FX brand recently changed their corporate identity. Several companies operating the FXCM brokerage brand have changed their corporate names to Stratos with extended variations, keeping the brand identity the same. Although Jefferies-owned Stratos did not officially reveal the reasons for the corporate rebranding, it has recently launched a new multi-asset brokerage brand, which will be offered in parallel with FXCM.
London-based BidFX System Ltd, a cloud-based electronic forex trading solutions provider, has rebranded its corporate name to SGX FX Systems UK Ltd, echoing the branding of its parent Singapore Exchange (SGX).
According to the latest Companies House filing, the corporation's name has been officially changed today (Friday). However, the company's trade name appears to be the same: BidFX.
A Strategic Rebranding?
The corporate rebranding came more than three years after SGX completely took over the ownership of the Lodon-based company. The Singaporean bourse operator acquired an 80 percent stake in BidFX in mid-2020, adding to its existing holding of the other 20 percent. This provided SGX with full ownership of BidFX.
BidFX was established in 2017 by Trading Screen. While its headquarters remains in London, it also operates from offices in Singapore, Hong Kong, New York, Sydney, and Milan.
The offerings of BidFX include a cloud-based FX trading technology platform, solutions for order management systems, and customized liquidity access. It primarily targets hedge funds, asset managers, corporate treasury desks, or any other buy-side participants with its solutions.
A Growing Company
Earlier this year, Finance Magnates reported that BidFX's revenue in 2022 jumped 17.4 percent, thus surpassing $34.4 million. The figure was generated from the company's global operations.
However, the operating profit of the UK company dropped to $2.3 million from $3.5 million, primarily because of a significant jump in administrative fees, which was $32.6 million in the last fiscal year compared to $26.4 million in the previous year. It ended the year with a net profit of $2.1 million, down from $2.9 million in the previous year.
Apart from BidFX, the companies behind another well-known FX brand recently changed their corporate identity. Several companies operating the FXCM brokerage brand have changed their corporate names to Stratos with extended variations, keeping the brand identity the same. Although Jefferies-owned Stratos did not officially reveal the reasons for the corporate rebranding, it has recently launched a new multi-asset brokerage brand, which will be offered in parallel with FXCM.
