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Playtech Plc, founded by Israeli billionaire Teddy Sagi, said it had agreed to buy currency trading platform Ava Trade for $105 million to expand its online trading platform.
Millions in losses from the sudden removal of a long-held ceiling on the Swiss franc in January have spurred on a merger and acquisition boom that many major players in the market in online currency trading had long predicted.
Playtech, which provides software used in sports betting and online casino games, is aiming to carve a niche in currency trading using its technology, as the gambling industry comes under pressure from higher taxes and tougher regulation.
The company said on Wednesday the acquisition was undertaken through its subsidiary, TradeFX, which it acquired in April.
TradeFX is a trading platform and payment services provider, while Ava Trade is a contract-for-difference (CFD) broker.Read more »
Digital distribution was supposed to bring artists and audiences closer and cut out the middlemen. It hasn't worked out like that
How far will you get? (Image: Rex Shutterstock)
UNPUTDOWNABLE! This go-to accolade for book reviewers takes on a new meaning this week, when some authors will be paid by the number of pages read. But is it a good thing?
On 1 July, Amazon introduced a payment plan in which authors enrolled in its Kindle Direct Publishing Select scheme are paid royalties according to the number of pages read when their ebooks are borrowed from ebook "library" Kindle Unlimited. But critics claim this pay-per-page system could change the type of books written, favouring easy-to-read page-turners over difficult, literary works.Read more »