SigmaGenix which was founded only in 2011 by UK based Jeremy Gelber, will be incorporated into Thomson Reuters’ growing stable of forex technology services. As part of the deal, SigmaGenix’s CEO Gelber has been made Global Head of FX Options at Thomson Reuters.

He comes with over 20 years of experience in the industry, having previously worked at Soros Fund Management and London Diversified Fund Management.

The deal represents a further foray into the forex technology space by Thomson Reuters, which purchased Tradeweb Markets in July, specifically for its FX Options division. These services are being incorporated into Thomson Reuters’ FXall electronic trading platform, which in May was averaging daily volumes of as much as $108bn. Last year, the company made a major push into the foreign exchange market when it purchased FX Alliance for $625m.

Announcing the deal, Gelber said in a statement: “The pace of evolution towards electronic trading in the FX options community is on the increase. I am looking forward to partnering with the options community to innovate and deliver more value to this market.”

Thomson Reuters head of foreign exchange, Phil Weisberg, added: “With the addition of SigmaGenix, Thomson Reuters is increasing its on-going commitment to the interbank wholesale options community. We are committed to investing in this space through the right talent, expertise and trade analytics that SigmaGenix has built, which are second to none. Adding someone with Jeremy’s industry experience – on both the buy and sell-side – give us unique insight into client needs in the FX options space, where we expect the pace of change to accelerate.

“SigmaGenix’s intellectual property augments analytics available in Eikon as well as our transactional capabilities in Dealing and Fxall, which were accelerated by our recent acquisition of Tradeweb’s FX Options business and precedes the imminent launch of our SEF.”

Thomson Reuters is competing with rival Bloomberg in its push into the foreign exchange market. Last year’s purchase of FX Alliance was seen as a pre-emptive move on Bloomberg’s FXGO platform.