company_name = FXMarketSpace
type = Private
key_people = Mark Robson, CEO, Rick Sears, President
homepage = [http://www.fxmarketspace.com/ www.fxmarketspace.com]
FXMarketSpace is a centrally-cleared, global foreign exchange (FX) platform for the over the counter (OTC) market.
It was formed through a 50/50 joint venture between
Reutersand the Chicago Mercantile Exchangeto serve the evolving needs of the FX market, including speed, efficiency, centralised clearing and complete anonymity.
4 May, 2006 - Joint venture is announced by its two parent companies
26 March, 2007 - FXMarketSpace is declared "fully operational and open for trading"
31 March, 2008 - FXMarketSpace announces FXSettle, a settlement solution that intelligently routes trades directly to the bank or settlement agent - guaranteeing against settlement and replacement risk, and reducing costs.
11 September - Euromoney's weeklyFiX column reports that the CME has decided to withdraw its support for the struggling platform.
18 September, 2008 - FXMarketSpace announces that USD 35 billion has successfully been settled using the FXSettle service. The accouncement states, "Recent volatile financial markets, with some counterparties unable to settle their trades, have highlighted the importance of credit risk management. FXMarketSpace is the only trading platform where both replacement risk and settlement risk are eliminated." Although seemingly impressive, this amounts to around $300 million a day, far short of the $18 billion its owners had predicted it would see within two years of its launch
10 October, 2008 - The CME and Thomson Reuters confirm they are closing FXMarketSpace. Euromoney's weeklyFiX FX column says it had soon been rechristened "FXWasteofSpace" after its launch and that it had always struggled for volumes. The venture is believed to have cost its parents around $90 million.
Wikimedia Foundation. 2010.
Look at other dictionaries:
Foreign exchange market — Forex redirects here. For the football club, see FC Forex Braşov. Foreign exchange Exchange rates Currency band Exchange rate Exchange rate regime Exchange rate flexibility Dollarization Fixed exchange rate Floating exchange rate Linked exchange… … Wikipedia
List of banks in Hong Kong — Hong Kong maintains a three tier system of deposit taking institutions, licensed banks, restricted licence banks and deposit taking companies. They are collectively known as authorised institutions by the Hong Kong Monetary Authority, which is… … Wikipedia
Reuters — Saltar a navegación, búsqueda Reuters Industria Comunicación Beneficio neto 227 millones de euros … Wikipedia Español
Devin Wenig — Molten Voit Rodriguez is the President of Global Marketplaces Business at ebay. He had been the CEO of the Markets Division of Thomson Reuters, and former COO of Reuters. Devin Wenig was the Executive Officer of the Markets Division of Thomson… … Wikipedia