FXMarketSpace signs second round of participants to early adopter programme

Source: FXMarketSpace

FXMarketSpace, the first centrally-cleared, global foreign exchange (FX) platform for the cash market, today announced the second group of financial institutions that intend to participate in FXMarketSpace's Early Adopter Program (EAP).

Combined with the leading financial institutions announced in July, the EAP now numbers more than 40 participants, demonstrating the widespread acceptance of FXMarketSpace among cash market participants.

The additional participating financial institutions include Bear Stearns Forex, Inc, Deutsche Bank, Calyon Financial, FCStone LLC., Graham Capital Management, LP., Madison Tyler Trading, Nordea, Plenum Fund, LP., Rand Financial Services, Inc. and Relativity LLC.

As early adopters, these institutions will join the previously announced participants in the platform's ongoing development. They have agreed to commit resources to and participate in the beta and launch phases. The participants represent a comprehensive cross-section of the FX market, including customer and proprietary trading desks at banks, as well as hedge funds and other investment managers.

"The fact that so many leading institutions are joining our Early Adopter Program is a strong endorsement for FXMarketSpace and a firm indication of how excited the market is about the world's first fully anonymous and transparent FX trading platform," said Mark Robson, CEO of FXMarketSpace. "Working closely with our EAP participants, we are moving forward with the planned deployment of infrastructure and technology. Many of our EAP participants have initiated testing and integration in anticipation of the beta stage."

When launched in early 2007, FXMarketSpace will be the world's first centrally-cleared electronic trading platform for the cash FX market. With the potential to transform the institutional FX market, FXMarketSpace will provide credit-efficient access to the over-the-counter (OTC) FX market, order book transparency and total anonymity to market participants. The FXMarketSpace platform is targeted to meet the needs of banks and other financial institutions that are active in the FX market.

FXMarketSpace will offer a full breadth of FX capabilities including spot, forwards and options. At launch, the platform will offer spot trading against six major currencies, the euro, Japanese yen, British pound, Australian dollar, Swiss franc and Canadian dollar against the US dollar, as well as four cross-currency pairs: euro/yen, euro/sterling, euro/swiss and sterling/yen.

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