FXMarketSpace clears regulatory hurdle; finishes first phase customer tests

FXMarketSpace clears regulatory hurdle; finishes first phase customer tests

FXMarketSpace, a 50/50 currency dealing joint venture by Reuters and the Chicago Mercantile Exchange (CME), is gearing up for a spring launch after winning regulatory approval and completing the first phase of customer testing.

In a statement, FXMarketSpace says it has been authorised by the Financial Services Authority as an Alternative Trading System.

Additionally, the JV has successfully completed a two-month customer testing programme with 25 early adopters, comprising banks, prime brokers, hedge funds and proprietary trading funds. The tests encompassed both automated trades dealt via direct connection to the CME Globex API, and screen-based trading using FXMarketSpace on Reuters.

Further tests are to be conducted with a smaller group executing genuine FX trades.

During the last quarter, FXMarketSpace claims to have added a further 25 customers to its onboarding list, increasing the total number to 69. Access to the platform has also been broadened with the addition of four independent software vendors: Flextrade, GL Trade, Patsystems and Trading Technologies International.

Mark Robson, CEO of FXMarketSpace, says: "The ongoing investment being made by our customers to test our platform shows considerable commitment and is further evidence of the market demand for a centrally-cleared OTC FX platform. FXMarketSpace remains firmly on track for launch in early spring."

Comments: (0)