Future proof: can FMX-LCH platform prevail?
A year into FMX Futures Exchange, Treasury futures volumes are low, and firms aren’t cross-margining
In a US Treasury market dominated by CME’s fixed income trading platform BrokerTec, challenger Fenics Markets Xchange has already started to eat its larger rival’s lunch. Since its 2018 debut, BGC-owned FMX has tucked away 26% of interdealer cash Treasury volumes – a sizeable portion of the pie.
So, just under a year ago, when it launched FMX Futures Exchange, with aspirations to challenge CME
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