The firms say the agreement marks the first major linkage of sell side traders in the interbank FX market to CME eFX futures markets, where hedge funds and other major buy side participants play a major role.

Under the agreement, CME's eFX markets, traded on its Globex platform, will be accessible via Reuters Dealing 3000 desktop with straight-through processing of trades in Reuters Ticket Output Feed (TOF) standard. Quotes on CME's eFX products will appear in spot (or cash) equivalent terms thereby easing price comparisons between the two markets. Because of the financial guarantees provided by CME's Clearing House, banks will also be able to trade with non-bank participants in a credit-enhanced environment.

Reuters and CME have selected FFastFill and Future Dynamics independently to provide related order execution and risk management services to Dealing 3000 users via their respective FfastServe and Crossfire products.

The CME FX service will go live in the fourth quarter and will be initially available in London, with roll out to additional markets in Europe, Asia and North America following.