Nextrom Set to Acquire Foreign Currency Firm

February 10, 2003 ( - Nextrom Inc. has agreed to acquire an Irvine, California foreign currency exchange trader.

Under the deal, the San Diego-based Nextrom will bring on Tempest Asset Management, Inc. According to a news media announcement, Tempest will target individual investors interested in foreign currency exchange, as opposed to the large financial institutions that have traditionally dominated that market.

The foreign currency exchange market involves one trader buying one currency and selling another for profit. According to Nextrom, the world market has daily trading volume of more than $1.5 billion.