A Better Way To Clear FX Trades

Discussion in 'Forex' started by cstfx, Mar 31, 2008.

  1. cstfx


    from email:

    FXMarketSpace Launches FXSettle

    FXMarketSpace is proud to announce FXSettle, a revolutionary settlement solution that intelligently routes trades directly to your bank or settlement agent – guaranteeing against settlement and replacement risk, and more importantly, dramatically reducing your costs.

    This service is only available to FXMarketSpace customers and benefits both bank and non-bank customers. Trades are already being settled daily using FXSettle with two global settlement banks live and one in the process of onboarding.

    With the introduction of FXSettle, FXMarketSpace now provides its customers with:

    Broad access - enabled by CME Group’s Globex® API, over 100,000 Reuters FX desktops and a growing list if Independent Software Vendors

    Total transparency - where all prices are available to all participants

    • Trading anonymity - through a central counterparty model that enables all customers to buy and sell without having their name disclosed

    • Robust, scalable technology - that supports minimum latency and maximum order throughput

    • Efficient settlement services - that minimise risk and reduce costs


    Now That's What I Am Talking About!! (as the saying goes)
  2. FXMarketspace apparently doesnt draw much interest from the targeted players. In Dec 07, the last month they published trading volumes, it was down to 600 mio. avg. per day. I bet most retail shops like Oanda do more than that, and thats more than a year into the game. I dont know what, but they have to do something, or they can sooner or later close shop..
  3. cstfx


    I wish they would do something to open it up to more players. It is so hard navigating the many venues to trade currencies out there that it gets confusing, especially for the new people who want to start trading. Rather they leave that up to the trolls and they're bucket shops to fleece these newbies.

    What caught my eye was the use of your bank as settlement (keep my money in Chase where I need it) or even through another clearing firm, like maybe IB. They got to lower the entry bar to trade this market.
  4. Yawn.......

    ps/ I think you meant 'shills' not 'trolls' :p
  5. The CME just released the FXMarketspace volume statistics for 1Q08, here's the breakdown by currency:

  6. lol, that's funny :D

    I think they tried to re-invent the wheel, seems the old round one worked well enough already.
  7. [​IMG]

    Hey! How did that guy get over here!
  8. Indeed, we've been through this one, haven't we, cable. There already is an illiquid fx market: futures! Don't need another one. :D
  9. Euromoney posts rumors that CME is pulling out of this one.

    Nice try tho..
  10. LOL, he escaped from the funny farm!
    #10     Sep 12, 2008