Fxmarketspace

Infobox_Company
company_name = FXMarketSpace
company_
type = Private
foundation = 2006
location = London, UK
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 Reuters and the Chicago Mercantile Exchange to 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.