FXMarketSpace opens for business

FX MarketSpace, an international foreign exchange trading platform run by Reuters and the Chicago Mercantile Exchange (CME), started operations today.

CME and Reuters first teamed up in May 2004, when CME provided access to the interbank foreign exchange markets to Reuters customers via the CME Globex trading platform. In May 2006, the two companies announced they had started work on FXMarketSpace, which will allow smaller banks and buy-side participants to trade anonymously with straight-through processing of trades.

FXMarketSpace is based in New York. It has 12 clearing prime brokers, and 76 customers are either live or in the process of joining, the company said.

The platform allows spot forex trading in six currencies – euro, yen, sterling, Swiss francs, Australian dollars and Canadian dollars – against the US dollar, and also in the euro/yen, euro/sterling, sterling/yen and euro/Swiss pairs. FXMarketSpace says it will add forwards and options trading at a later date.

The exchange is based on CME's Globex trading platform, and is accessible via CME, Reuters and other clearing members.

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