FXMarketSpace (FXMS) was a centrally cleared, global
foreign exchange
The foreign exchange market (Forex, FX, or currency market) is a global decentralized or over-the-counter (OTC) market for the trading of currencies. This market determines foreign exchange rates for every currency. It includes all as ...
(FX) platform for the
over the counter
Over-the-counter (OTC) drugs are medicines sold directly to a consumer without a requirement for a prescription from a healthcare professional, as opposed to prescription drugs, which may be supplied only to consumers possessing a valid prescr ...
(OTC) cash market. It was launched in May 2006 as a joint venture between
Reuters
Reuters ( ) is a news agency owned by Thomson Reuters Corporation. It employs around 2,500 journalists and 600 photojournalists in about 200 locations worldwide. Reuters is one of the largest news agencies in the world.
The agency was estab ...
and the
Chicago Mercantile Exchange
The Chicago Mercantile Exchange (CME) (often called "the Chicago Merc", or "the Merc") is a global derivatives marketplace based in Chicago and located at 20 S. Wacker Drive. The CME was founded in 1898 as the Chicago Butter and Egg Board, an a ...
but they decided to close the platform in October 2008 as it had not attracted enough liquidity.
History
It was formed through a 50/50 joint venture between
Reuters
Reuters ( ) is a news agency owned by Thomson Reuters Corporation. It employs around 2,500 journalists and 600 photojournalists in about 200 locations worldwide. Reuters is one of the largest news agencies in the world.
The agency was estab ...
and the
Chicago Mercantile Exchange
The Chicago Mercantile Exchange (CME) (often called "the Chicago Merc", or "the Merc") is a global derivatives marketplace based in Chicago and located at 20 S. Wacker Drive. The CME was founded in 1898 as the Chicago Butter and Egg Board, an a ...
to serve the needs of the FX market, including speed, efficiency, centralised clearing and complete anonymity.
On 4 May 2006, Joint venture is announced by its two parent companies. FXMS gains
Financial Services Authority
The Financial Services Authority (FSA) was a quasi-judicial body accountable for the financial regulation, regulation of the financial services industry in the United Kingdom between 2001 and 2013. It was founded as the Securities and Investmen ...
approval. Executive Bryan Hunter resigns.
On 26 March 2007, FXMarketSpace is declared "fully operational and open for trading".
31 March 2008, FXMarketSpace announces FXSettle, a settlement solution that intelligently routes trades directly to the bank or settlement agent - guaranteeing against settlement and replacement risk, and reducing costs.
On 11 September 2008 Euromoney's Weekly FiX column reports that the CME has decided not to financially support the platform any longer. FXMS declines to comment.
On 18 September 2008 - FXMarketSpace announces that USD 35 billion has successfully been settled using the FXSettle service. The announcement states, "Recent volatile financial markets, with some counterparties unable to settle their trades, have highlighted the importance of credit risk management. FXMarketSpace is the only trading platform where both replacement risk and settlement risk are eliminated."
On 10 October 2008, CME Group and Thomson Reuters announce they have decided to close FXMarketSpace.
References
External links
Official WebsiteUniswap ExchangeForex MetaTrader Indicator
Foreign exchange companies
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