Currenex, the online currency trading platform, announced today that it has named Clifford Lewis Chairman and CEO. The company also announced that it has received a final round of financing from TH Lee Putnam Ventures and the Royal Dutch/Shell Group of Companies (Shell) and has moved its headquarters to New York City. Lori Mirek, formerly CEO, left the company at the end of last year.
Lewis brings Currenex over 25 years of experience in the international financial markets. He has been a senior executive at both the CBOT, one of the world’s largest exchanges, and at the World Bank. Currenex says his expertise and contacts will be a significant asset as the company develops..
“We are delighted to have someone of Cliff’s caliber join the Currenex team.
Given its rapid growth through the end of 2002 and its position as the most economical of all multi-bank FX trading platforms, we are confident that Currenex will be a long-term winner in an attractive market,” says Jim Brown, Managing Director, TH Lee Global Internet Managers LP. “TH Lee Putnam Ventures is pleased to increase our ownership in Currenex and is committed to further enhance the Currenex offering by funding strategic acquisitions in the future that will complement the platform.”
“We are pleased to have the continued support and additional financing from TH Lee Putnam Ventures and Shell. This investment provides the financing that will enable Currenex to reach profitability,” adds Lewis. “Currenex has proven to be an outstanding service provider for both sides. We look forward to delivering further innovation with executable streaming prices combined with our prime brokerage service model due in the next service release.”
Currenex says it will use the additional funds to enhance and extend its trading services to continue to meet the needs of its members. Many of Currenex’s customers now trade close to 100% of their FX and loan and deposit trades through the FXtrades service. As a result, says the company, Currenex trading volumes continue to increase quarter-to-quarter and its actively trading member base boasts many of the largest participants in the FX market.
“Shell has actively supported Currenex in its development of functionality and build up of liquidity,” adds Michiel Moolenaar, Shell’s Group Central Treasury Manager. “Shell is participating in this final round of funding, allowing Currenex to grow its service offerings as an independent electronic market platform, providing to all market participants the benefits of improved market access and of straight through processing.”
Currenex has relocated corporate headquarters to New York City while maintaining office locations in London, Singapore, Geneva, Amsterdam, and Chicago, with development staff in California.