Institutional liquidity and technology provider MAS Group has announced the acquisition of a strategic equity stake in Netherlands based Spot FX ECN operator and market maker Solid, marking the first step in a full acquisition to be completed over the coming years. The acquisition expands MAS’s global reach in the spot foreign exchange market.

Previous relationship

The acquisition is somewhat of a reversal in roles between the two companies, which have a long-standing business relationship. Back in 2022, Solid became a minority shareholder in MAS (then known as BidX Markets), reflecting an early belief in the company’s growth trajectory. Today’s news reinforces a mutual commitment to driving innovation and growth across the institutional FX landscape. We understand that as part of the transaction, MAS Group will be buying back the stake that Solid held in the company.

Spot FX

The deal significantly enhances MAS’s strategic positioning by broadening its exposure across both margin trading and the global spot FX market. Through Solid’s business model, which focuses exclusively on spot foreign exchange, the company serves institutional clients across multiple international markets. The partnership will also allow Solid’s clients to benefit from a broader product suite, underpinned by MAS’s FCA regulatory framework.

The deal creates opportunities to strengthen liquidity provision, broaden distribution channels and accelerate the development of complementary trading solutions for clients of both companies.

Both businesses have confirmed it will be business as usual for clients throughout this process, with existing relationships, service levels and points of contact remaining unchanged as the integration progresses.

Simon Blackledge (pictured above), CEO of MAS Group, said,

“This acquisition reflects the trust and partnership that has existed between MAS and Solid for many years, and it paves a clear path to full ownership in the years ahead.

“Strategically, this is a significant step forward for MAS. It expands our presence beyond our core margin business and provides exposure to the global spot FX market through a highly respected partner with an established institutional client base. Together, we are creating new opportunities to deliver greater liquidity, broader market access, and enhanced value for both Solid’s and MAS clients globally.”

Diego Baptista, CEO of Solid, said,

“Partnering with MAS is a natural evolution of a relationship built over many years of mutual trust. This alliance breaks down the boundaries between institutional and margin FX by effectively combining the technology, market infrastructure and relationships both companies have so far built separately. Our clients will get access to a broader range of unique liquidity and products, backed by MAS extensive network and regulatory strength. We’re excited about what this partnership will unlock for our clients and for the business as we move toward full integration.”

The investment forms part of MAS’s long-term strategy to strengthen its institutional ecosystem through strategic partnerships, technology innovation and expanded global market access.

About MAS Markets

MAS Markets is an FCA-regulated multi-asset liquidity provider offering deep institutional liquidity, advanced trading technology, and tailored solutions to brokers, hedge funds, family offices, and professional traders. With infrastructure hosted in LD4 and TY3 data centres and partnerships with Tier 1 banking institutions, MAS Markets delivers high-performance execution and innovative trading solutions to clients worldwide.

The company was founded in 2021 by CEO Simon Blackledge, who continues to hold a controlling interest in the company. Simon had previously run MT4/MT5 white label solutions provider itexsys.

MAS Group is a global multi asset financial markets organisation with a focus on institutional trading, liquidity solutions and funds management. It owns and operates three entities:

MAS Markets: Institutional trading and liquidity services (FX, Commodities, Metals, Indices). The company was rebranded from BidX Markets in 2024.

MAS Digital: Digital asset liquidity provider offering secure and transparent access to the growing digital ecosystem.

MAS Fund: Funds management company dedicated to strategic, long-term growth through multi asset alternative investment strategies.

Multi Asset Solutions Limited is a company registered in England and Wales with company number 12590608 and regulated by the Financial Conduct Authority under firm reference number (FRN) 926482.