Pan-European stock exchange Euronext has announced the acquisition of 90 per cent of electronic trading firm FastMatch for an initial cash consideration of $153 million.

The acquisition, which is subject to regulatory and anti-trust approvals, and is expected to occur in Q3 2017, forms part of Euronext’s strategy to accelerate growth and diversification of its revenue base.

It also establishes Euronext’s presence in the foreign exchange segment, and allows the group to extend its “best execution” value proposition to an additional asset class.

Stéphane Boujnah, chairman and CEO of the managing board of Euronext NV, said: “The acquisition of FastMatch breaks new ground for Euronext, through expansion into the FX market which is the world’s largest traded asset class. This will broaden the spectrum of products we provide to capital market users, whilst meaningfully diversifying our revenue and creating long-term value and growth for customers and shareholders.”

Dmitri Galinov, founder and CEO of FastMatch commented: “We are very excited to become part of Euronext, an exchange group on the frontline of innovation and agility in the industry. Together, we will accelerate our vision of bringing transparency, best-in-class technology and execution to FX markets globally.”

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