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FX market round-up: Buzz builds as FXMarketSpace announces early adopters

Reuters and the Chicago Mercantile Exchange have announced the financial institutions that have confirmed their intention of participating in their joint venture, FXMarketSpace’s Early Adopter Program.

The list reads like a mini who’s who of FX players, and includes AIG, ABN Amro, Barclays Capital Prime Services, Citigroup, Credit Suisse, Fimat, HSBC, JPMorgan, Merrill Lynch, Prudential Financial/Bache Financial, RBS, Société Générale and UBS. Buy-side participants include Allston Trading, Citadel, Gelber Group, Getco, Jump Trading, Penson Worldwide and RGM Advisors.

FXMarketSpace says the early adopters will be involved in the platform’s development and participate in its beta test and launch phases. In a press release, Mark Robson, CEO designate of FXMarketSpace, said: “Within two months of announcement many of the leading financial institutions in the global FX market have demonstrated that they are both excited and serious about devoting internal resource to back their participation in FXMarketSpace. We greatly appreciate their involvement and look forward to delivering on the benefits.

He added: “This early support confirms the market’s readiness for a more open, transparent and efficient global FX trading platform and FXMarketSpace’s unique ability to deliver on that order.”

FXMarketSpace could be one of the most significant developments in the history of FX. Initially, some felt that many of the leading sell-side players would have to be dragged screaming to the concept, as a centrally cleared marketplace could replace their existing principal business with an agency one.

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