Former type Private Website www.fxmarketspace.com Headquarters London, United Kingdom | Fate Dissolved Ceased operations October 10, 2008 Founded 4 May 2006 | |
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Defunct October 10, 2008 (2008-Oct-10) Key people Mark Robson, CEO,
Rick Sears, President Parent organization Chicago Mercantile Exchange | ||
FXMarketSpace (FXMS) was a centrally cleared, global foreign exchange (FX) platform for the over the counter (OTC) cash market. It was launched in May 2006 as a joint venture between Reuters and the Chicago Mercantile Exchange 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 and the Chicago Mercantile Exchange to serve the needs of the FX market, including speed, efficiency, centralised clearing and complete anonymity.
4 May 2006 - Joint venture is announced by its two parent companies.
February - FXMS gains Financial Services Authority approval. Executive Bryan Hunter resigns.
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.
11 September 2008 Euromoney's Weekly FiX column reports that the CME has decided not to financially support the platform any longer. FXMS declinces to comment.
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."
10 October 2008 - CME Group and Thomson Reuters announce they have decided to close FXMarketSpace.