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Strategies & Market Trends : The Final Frontier - Online Remote Trading
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From: TFF8/9/2006 9:32:57 PM
   of 12617
 
Reuters/CME broaden FX market access

By Susanna Robinson
FXMarketSpace, the world's first centrally cleared electronic foreign exchange market, has announced its aim to begin trading in the first quarter of next year.
The trading platform is the result of a 50/50 joint venture between Reuters and CME.

Its founders state that while FXMarketSpace will be a stand-alone organisation, it will combine the strengths of both parents by combining CME's central counterparty model and clearing function with Reuter's worldwide distribution network and processing capability.

With technology providing both user anonymity and central counterparty clearing, the founders are confident their platform will significantly broaden FX market access and improve liquidity.

Mark Robson, CEO of FXMarketSpace, ventured that in 2007 the product will "facilitate spot trading transactions for six major currencies against the U.S. dollar and four cross-currency pairs," and predicted that capabilities in forwards and options will be added later.

A report released in July by the Foreign Exchange Joint Standing Committee (JSC) found that FX, option and currency swaps in the UK rose by 18% to $87 billion between October 2005 and April 2006.

The FX market is now the largest asset market in the world, and averages nearly $2 trillion in daily trading volume.

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