March 20, 2013

A Growing, Shrinking Pie: Industry Consolidation and M&A

Overview

Florham Park and Princeton partner Jim Fischer spoke at the Forex Industry Conference (FXIC) on Wednesday, March 20, in New York City.

The conference assembled buy- and sell-side participants, brokers and technology providers, media and compliance for two days of networking and thought exchange.

Jim, a member of the firm’s Corporate & Securities Practice Group, served on a panel titled, “A Growing, Shrinking Pie: Industry Consolidation and M&A.”

In mature markets like Japan and the United States, the number of FX brokers has steadily shrunk, driven by increased capital requirements and a global leverage clampdown. Meanwhile, securities brokers are acquiring retail FX brands, equities market makers absorbing FX ECNs, banks investing in FX technology vendors, and interdealer brokers snapping up post-trade networks. Yet none of this activity seems to slow the slew of new ECNs, aggregators, tech vendors, and brokers from launching operations. At this rate, FX industry consolidation is set to continue for the foreseeable future.

The panel assembled a unique blend of individuals who have acquired, been acquired, structured deals, and advised on M&A transactions to shed light on the often opaque process.

Services and Industries

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