FXMarketSpace, a centrally-cleared, global foreign exchange platform for the over-the-counter market, is fully operational and open for trading. The launch arrives on schedule, coming 11 months after Reuters and CME announced the creation of FXMarketSpace in May 2006.
Some of the participating banks and prime brokers include ABN Amro, Bank of America, Barclays Capital Prime Services, Bear Stearns Forex, Calyon Financial, Citigroup, Credit Suisse, Deutsche Bank FX Prime Brokerage, JPMorgan, Penson GHCO, Prudential Financial/Bache Financial, Rand Financial Services, Inc., RBS, Societe Generale Corporate & Investment Banking and UBS. Other financial institutions include D|Square, FX Concepts, GMO, Infinium and Saxon Financial.
“Today is a landmark event for FXMarketSpace and we believe for the FX industry as a whole,” comments Mark Robson, Chief Executive Officer, FXMarketSpace. “The launch of our platform means that the doors are now open for a broader and more diverse range of institutions to participate in the global FX market, which will benefit from better execution and the increased efficiencies that we can offer.”
“FXMarketSpace represents the next step in the evolution of the FX markets, directly in response to customer demand,” adds Tom Glocer, Chief Executive Officer, Reuters. “It brings innovations including central counter-party clearing, more efficient credit handling, anonymity and raw speed.”
“FXMarketSpace is a key component in CME’s strategy of leveraging our trade matching and clearing strengths in the OTC market,” says Craig Donohue, Chief Executive Officer, CME. “As I said when we launched this venture last year, we believe that FXMarketSpace has the potential to revolutionise the FXMarket. Today’s launch marks the beginning of that transformation.”