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Trading technology: CLS blocks FXMarketSpace’s plan to pre-net cash trades

But proposed exchange believes it will not harm plans to bring new volumes and efficiencies to the forex market.

FXMarketSpace’s standard fees
$blns/month Passive Aggressive
0-10 $4.00 $6.00
10-20 $3.60 $5.40
20-40 $2.88 $4.32
40-60 $2.30 $3.46
60-80 $2.07 $3.11
80-100 $1.87 $2.80
100-120 $1.77 $2.66
120+ $1.68 $2.53
Source: FXMarketSpace

The plans of Reuters and CME joint venture FXMarketSpace to bring exchange-like efficiencies to the spot foreign exchange market appear to have been dealt a huge blow. Core to FXMarketSpace’s proposed business model is the use of CME Clearing as the central counterparty (CCP) to trades.

The use of a CCP makes trading anonymous and lowers credit risk, as the clearer is the counterparty to all transactions. FXMarketSpace had been widely touting the benefits of its model, saying that it would open the forex market to a new range of participants because credit was removed as a discriminating factor in sourcing liquidity. Exchanges also tend to net deals, and forex participants had been waiting for clarification on whether or not the new platform would adopt this initiative.

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