Euronext FX has had a bumper year so far in 2025, with revenues from FX trading registering double-digit increases in the first and second quarter, buoyed by an uptick in overall market activity and volumes.
Established in 2012 as FastMatch, the electronic communication network (ECN) was acquired by Euronext in 2017 and it was rebranded to its currency iteration two years later. Today, Euronext FX is a leading platform for trading spot FX and precious metals with matching engines based in New York, London and Tokyo. In Asia, it also facilitates spot FX, precious metals and non-deliverable forward (NDF) trading in Singapore through its subsidiary, Euronext Markets Singapore.
Its core, high-speed, low-latency trading services across more than 120 currency pairs is built-in to the platform’s DNA, serving a wide range of clients, on the buy side and sell side, who get direct electronic access to a transparent and competitive FX trading environment.
Stuart Parris, head of sales, told Euromoney that expanding the platform’s precious metals offering has been a strong focus in recent months, resulting in a broader range of prices clients can access.
“We’ve further enhanced our metals products by increasing the decimal precision on silver, and introduced metal crosses,” he says. “As a result, we’ve seen a strong increase in volumes.”
The hires we’ve made and are about to make over the next 24 months are all about transforming the way we engage with our clients
Jayesh Patel
Following the expansion, the platform’s clients can now access gold prices quoted against the euro, sterling, the Swiss franc and the renminbi, and they can also get prices for silver in euros.
Euronext FX offers access to deep pools of liquidity, ensuring tight spreads and efficient order execution, across G10, emerging market (EM) spot, Gulf Cooperation Council (GCC) currencies, NDFs and precious metals. The platform’s quantitative liquidity management team goes to great lengths to curate each client’s liquidity pool in a way that optimises outcomes for execution styles and needs, maximising benefits and client experience.
One of the platform’s unique features is its credit model, which relies on a pooled model where banks and prime brokers interact using direct reciprocated credit. This model ensures that users operating under a PB or prime of prime broker can interact with other platform participants using a unique Euronext FX identifier.
“Clients can opt to use our pooled credit model to trade anonymously against hundreds of participants across more than 120 actively traded currencies,” says Jayesh Patel, head of product. “A wide range of order types are available, with liquidity management support on-hand to optimise each client’s liquidity pools.
“Alternatively, clients can opt to trade disclosed with known counterparties. Disclosed relationships, whose connections can be implemented within 24 hours, offer the same order types as an anonymous setup.”
Infrastructure investments
The platform’s FX data offering also carries the same low-latency DNA that is weaved into the Euronext FX ethos. The sub-25 microsecond quote-to-feed and order-to-ack performance offer unmatched speed, which can make or break trading strategies in times of elevated volatility. Clients can access FX data products derived from the core ECN to get a comprehensive view of the broader market, while its expanded suite offers support with price discovery, market tracking and in-depth price analysis, as well as alpha generation.
Euronext FX also offers an internaliser function, which allows institutional clients to self-match flows for spot and NDFs to help desks offset opposing internal flows. Trading through this functionality has the potential to reduce information leakage and, in turn, execution costs.
In the review period for this award, the venue registered record trading volumes, handling an average daily traded (ADV) volume of $28.5 billion, a 15% increase on the previous period. Amid the upheaval created by president Donald Trump’s tariffs announcement, Euronext FX achieved a record ADV of $64.2 billion on April 7, as well as hitting a monthly volume record of $38.3 billion ADV.
After a two-year investment into infrastructure, the platform is also able to offer analysis to its clients about how their outcomes would change if inputs, or in this case the list of counterparties, were changed. This has increased confidence for price makers and takers about making changes, and garnered positive feedback, Patel says.
“When we step back and look at all the investment that we’ve made in our infrastructure, the hires we’ve made and are about to make over the next 24 months are all about transforming the way we engage with our clients,” he adds.
