Swissquote buys MIG Bank to create the dominant Swiss forex broker
This will once be known as the week of retail forex acquisitions. After seeing Gain Capital close on its purchase of GFT, Oanda acquire social and copy trading service Currensee, and FXCM buy FX research shop Faros Trading, comes potentially the most important deal of the bunch — Swissquote buying MIG Bank, essentially merging the two dominant Swiss forex brokers into a major global player in retail forex brokerage.
Some interesting datapoints regarding privately-held MIG Bank’s business became available in the press release announcing the deal (see link below). Namely, that:
- MIG Bank did CHF 325 billion in total trading volume in the first half of 2013, which translates into about $60 billion of monthly volumes.
- MIG Bank’s revenues were, on an annual run-rate basis, at about CHF 60 million (or about $66 million). Going forward, MIG Bank’s contribution should increase Swissquote’s revenues by about 33%.