FXMarketSpace Launches FXSettle

FXMarketSpace, the first centrally-cleared, global foreign exchange (FX) platform for the over the counter (OTC) market, today announced the launch of FXSettle, a ground breaking settlement solution that delivers advances in both the risk management and cost model for institutional FX transactions.

Live for the past two months, FXSettle is currently available through two global settlement banks, with another in the process of becoming live. This service benefits both their prime brokerage customers and their in-house trading over the FXMarketSpace platform. With the introduction of FXSettle, customers now have a choice in how they settle completed trades and have the potential to substantially cut settlement costs. FXSettle securely routes trades dealt on FXMarketSpace directly to the customer’s bank or agent for settlement, providing increased efficiency whilst guaranteeing against both settlement risk and replacement risk.

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

Mark Robson, Chief Executive Officer, FXMarketSpace, said, “FXSettle provides the market with a secure, low cost settlement framework that enables further growth in the global FX markets. By building partnerships with CME Clearing and leading settlement banks, FXMarketSpace can now deliver this unique solution, providing customers with cost reductions whilst ensuring the highest level of protection against both replacement risk and settlement risk.”