Thomson Reuters buys FX Alliance

The financial news giant Thomson Reuters has splashed out $625m (£403m) in cash on US-listed foreign-exchange platform FX Alliance.

The acquisition is one of the most significant moves made by new Thomson Reuters chief executive James Smith since his predecessor, Tom Glocer, quit in December.

Thomson Reuters sold its healthcare business for $1.5bn in April.

The group provides liquidity in the interbank foreign exchange market and the deal will give it more access to the investment community as FX Alliance's customer base includes asset managers, corporations and hedge funds.