The move helps ACA expand its TCA business.
Governance, risk, and compliance (GRC) advisor ACA Group has snapped up foreign exchange (FX) transaction cost analysis (TCA) and best execution analytics provider FX Transparency (FXT) for an undisclosed sum.
The acquisition forms part of ACA’s goal to become a “best-in-class, cross-asset TCA platform,” adding new data and analytics covering one of the largest, most liquid, yet opaque asset classes globally.
Back in 2025, ACA entered the TCA business with the acquisition of Global Trading Analytics (GTA), covering global equities, fixed income, derivatives, and FX. According to officials, FXT was identified as a complementary platform to GTA as it brings deep FX expertise, an institutional client base, and differentiated analytics.
Massachusetts-based FXT is known for its data-driven FX TCA service, which combines proprietary analytics and institutional trading data so asset managers, pension funds, endowments, mutual funds, insurance companies, and corporations can weigh up execution quality and meet fiduciary obligations.
Officials say both parties were on the same mission, before the acquisition, to help firms address global GRC requirements and regulations. As global trading volumes grow and regulatory scrutiny ramps up, firms will increasingly need advanced analytics to assess liquidity sources, refine execution strategies, and make better-informed counterparty decisions in FX markets. This is precisely the corner of the market ACA is seeking to serve.
Need a Reprint?