In 2024, LSEG FX reinforced its status as the most comprehensive multi-venue platform in global foreign exchange. By advancing execution tools, streamlining workflows and enhancing post-trade services, the group broadened its regulatory reach and strengthened engagement with dealer-to-dealer and dealer-to-client communities.
Widely regarded as one of the most extensive independent ecosystems for electronic FX trading, insight and post-trade solutions, LSEG FX spans the interbank Matching platform, dealer-to-client liquidity via FXall and PriceStream, and integrated post-trade tools through Settlement Center and Trade Performance Reporting. Together, these venues and services give the venue an unparalleled reach across banks, hedge funds, asset managers, corporates and central banks.
The strength of the platform lies in its breadth: more than 400 liquidity providers, the ability to trade every tradable currency pair, and support for pre-trade, at-trade and post-trade workflows. This scale has allowed LSEG FX to maintain its role as a neutral, trusted venue in a fragmented global market.
One of the standout innovations of 2024 was Forward First Fixing (FFF), which automates and optimises the workflow for asset managers around the WM/Reuters fix. By separating the swap component of a forward transaction and allocating the spot fixing order to the bank with the most competitive price, FFF improves execution while reducing operational burden.
Early adoption by some of the world’s largest asset managers has been strong, with feedback highlighting time savings and better risk management. As Simon Jones, head of FX product and liquidity at LSEG, notes: “Forward First Fixing has been a game-changer for asset managers, helping them compete their trades efficiently while reducing hours of manual work. It is an example of how we listen to client challenges and respond with scalable innovation.”
LSEG also offers a fully cleared non-deliverable forward (NDF) Matching venue, integrated with ForexClear. This provides a centralised, neutral credit solution for NDFs, allowing banks and buy-side institutions to benefit from reduced counterparty risk and improved efficiency. Growth has been particularly notable in INR, with increasing participation from local banks.
An unrivalled ‘moat’
Meanwhile, the introduction of Workspace, LSEG’s successor to Eikon, has brought together FXall, Matching and PriceStream into a single environment. Workspace combines execution with proprietary news, analytics and third-party integrations, addressing long-standing workflow challenges for clients switching between interbank spot, swaps and dealer-to-client activity.
The infrastructure underpinning LSEG FX remains a competitive strength. Matching and PriceStream operate through low-latency data centres in London, New Jersey and Tokyo, ensuring consistent performance for a diverse, global client base.
The recent introduction of the ATE Low Latency Streaming GUI marked another significant upgrade. Replacing FX Trade, the new interface improves usability and speed across spot, forwards and NDFs.
By reinvesting around 20% of FX revenues into technology annually, LSEG FX ensures continuous improvement of its trading stack while maintaining operational reliability.
Forward First Fixing has been a game-changer for asset managers, helping them compete their trades efficiently while reducing hours of manual work
Simon Jones
In a decade of increasingly fragmented regulation, LSEG FX has invested heavily in securing approvals across multiple jurisdictions. It now operates as a SEF in the US, an MTF in the EU and UK, and maintains onshore organisations in India, Malaysia and Indonesia, as well as an RMO in Singapore.
This regulatory breadth has created what Jones described as a “big moat” for LSEG FX. Competitors may be quicker to innovate in narrow areas, but few can match the combination of compliance, surveillance and operational integrity offered across such a wide geographic footprint. For clients operating globally, this diversity provides confidence that they can meet local obligations while accessing consistent execution standards.
A renewed focus on client engagement has been central to LSEG FX’s evolution. The group has reshaped its leadership team, restructured product management to be more client-facing, and introduced new feedback mechanisms such as Net Promoter Score surveys.
This cultural shift has helped LSEG FX respond more directly to client pain points. Examples include the partnership with Saphyre, which streamlines account onboarding for FXall clients by digitising know your customer (KYC), tax and credit workflows. By reducing onboarding times from days to minutes, this initiative has lowered friction and improved readiness for trading across counterparties.
Post-trade services remain another key differentiator for LSEG FX. The Settlement Center offers real-time exception management, confirmations, allocations and CLS support, all delivered via straight-through processing. The TPR Suite adds market share analytics and benchmarking, enabling clients to assess execution quality and manage liquidity providers more effectively.
LSEG FX combines scale, technology and governance with meaningful innovation in client workflow. By delivering advances such as FFF, NDF Matching and Workspace, the group has modernised key areas of the FX market while maintaining trusted execution across dealer-to-dealer and dealer-to-client segments.
With a global regulatory footprint, renewed client engagement and continuous reinvestment in infrastructure, LSEG FX has reinforced its central role in foreign exchange.
