R5FX, the emerging marketplace for local market FX trading, today announced the launch of Latin American trading on its platform. Live trading is now available in Brazilian Real (BRL), Chilean Peso (CLP) and Colombian Peso (COP).
R5FX launched ‘Latam in London’ at the conclusion of a meeting with the Banco Central do Brasil (BCB), Securities and Exchange Commission of Brazil (CVM), the Foreign Office and London-based traders of BRL. Part of the Chancellor of the Exchequer’s Financial Services Trade and Investment Board (FSTIB) initiative, it aims to build closer ties with emerging market countries and encourage new opportunities in EM and FinTech.
“Going live with R5FX Latam in London is an important first step, as we build out our dedicated global emerging markets platform”, said Jon Vollemaere, CEO of R5FX. “By providing EMFX participants with increased transparency, centralised credit and a further offshore alternative, we are doing more than just offering the same old trading tools, we are helping our customers to build markets. Today this is in Latam FX, which will become more widespread as we launch further currencies later this year.”
The London FinTech start-up is expected to stimulate growth in the trading of emerging market currencies, as the market migrates from being largely voice and exchange traded, to a transparent and efficient screen-based market, providing deeper liquidity and increased capacity for all.