FXMarketSpace, the centrally-cleared foreign exchange marketplace established by Reuters and the Chicago Mercantile Exchange (CME) has launched a settlement service.
The new FXSettle service has been live for the last two months and is available through two global settlement banks, with another in the process of going live.
The service routes trades dealt on FXMarketSpace directly to the customer's bank or agent for settlement. This increases efficiency and guarantees against settlement and replacement risk, says the firm.
Mark Robson, chief executive officer, FXMarketSpace, says: "FXSettle provides the market with a secure, low cost settlement framework that enables further growth in the global FX markets. By building partnerships with CME Clearing and leading settlement banks, FXMarketSpace can now deliver this unique solution, providing customers with cost reductions whilst ensuring the highest level of protection against both replacement risk and settlement risk."
FXMarketSpace says the introduction of FXSettle provides customers with a choice in how they settle completed trades.