June 2006
Space 2007: an FX market odyssey?
Although adoption of an exchange-like structure has been predicted for years, foreign exchange has predominantly been traded over the counter. Could a new initiative by the CME and Reuters finally force the transition through? Lee Oliver reports.
IT’S FAR TOO early to say categorically what its ultimate impact will be but the launch of FXMarketSpace by the CME and Reuters might ultimately prove to be one of the most significant events in the foreign exchange market’s long history.
The two companies themselves were not shy about heralding the potential impact of their joint venture, hatched under the codename “Project Anonymous”. It marked, they said, “the next phase in the evolution of the global FX market space”.
FXMarketSpace will be headquartered in London and regulated by the Financial Services Authority. Its board will consist of the CME’s chief executive, Craig Donohue; its chairman, Terry Duffy; and its chairman emeritus, market legend Leo Melamed, who is credited with the creation of currency futures while chairman of the CME in 1972. Joining them will be Reuters...
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