20 November 2017
visit www.avoka.com

CME and Thomson Reuters dump FXMarketSpace JV

10 October 2008  |  9155 views  |  0 foreign exchange rates on screen

CME Group and Thomson Reuters are closing FXMarketSpace, the centrally-cleared foreign exchange marketplace established last year, after the venture failed to attract the liquidity levels expected.

In a statement the firms say all trading on the FXMarketSpace platform will be suspended at the close of business on 17 October.

The partners launched the 50:50 joint venture in March 2007, with Reuters providing trading access, trade notification and market data distribution and CME offering clearing and trade matching services.

At launch it was expected that FXMarketSpace would need to capture two per cent of the $2 trillion over-the-counter foreign exchange market to achieve break-even. But the venture failed to attract the interest the two parties had hoped for and volumes stopped being reported late last year.

Commenting on the closing of the venture, a Thomson Reuters spokesperson says: "Our initial JV agreement provided for financing up until the company became profitable during 2008. We took a view that the liquidity levels by Q3 did not indicate that this goal would be met: with our responsibilities to our shareholders and other stakeholders, we decided not to continue."

CME and Thomson Reuters say they will now work closely with FXMarketSpace over the next few months to "ensure an orderly wind down" of business.

The companies will also explore working together "to pursue clearing and operational efficiencies for their customers".

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

CME and Citadel invite industry to take stakes in CDS counterparty JV

CME and Citadel invite industry to take stakes in CDS counterparty JV

07 October 2008  |  7590 views  |  0 comments
CME set to dump FXMarketSpace - report

CME set to dump FXMarketSpace - report

12 September 2008  |  7793 views  |  0 comments
Thomson Reuters talks up Q2 as revenue growth stutters

Thomson Reuters talks up Q2 as revenue growth stutters

12 August 2008  |  3994 views  |  0 comments
Thomson Reuters shares slide in debut

Thomson Reuters shares slide in debut

17 April 2008  |  5843 views  |  0 comments
FXMarketSpace launches forex settlement service

FXMarketSpace launches forex settlement service

31 March 2008  |  4153 views  |  0 comments
E-trading driving FX markets - CME Group

E-trading driving FX markets - CME Group

19 March 2008  |  6099 views  |  0 comments
Reuters and CME's FXMarketSpace venture goes live

Reuters and CME's FXMarketSpace venture goes live

26 March 2007  |  6637 views  |  0 comments
Major FX players sign up to FXMarketSpace

Major FX players sign up to FXMarketSpace

17 July 2006  |  9232 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.solutions.lexisnexis.comvisit www.atos.netvisit www.aciworldwide.com

Top topics

Most viewed Most shared
Ripple boss predicts central bank adoption of blockchainRipple boss predicts central bank adoption...
17890 views comments | 27 tweets | 29 linkedin
Singapore central bank open sources blockchain prototypesSingapore central bank open sources blockc...
12607 views comments | 15 tweets | 29 linkedin
AmEx partners Ripple and Santander for blockchain-enabled cross-border paymentsAmEx partners Ripple and Santander for blo...
10969 views comments | 15 tweets | 40 linkedin
UK cryptocurrency exchange startup launches debit card for spending bitcoinUK cryptocurrency exchange startup launche...
8982 views comments | 26 tweets | 37 linkedin
Barclays warns of unprecedented online fraud this ChristmasBarclays warns of unprecedented online fra...
8012 views comments | 15 tweets | 31 linkedin

Featured job

Competitive base + commission + benefits
New York City, NY - USA

Find your next job