The Cürex Group, a New York City-based institutional foreign exchange execution services and data analytics company today announced plans to launch a peer to peer matching platform.
The Cürex Group, a New York City-based institutional foreign exchange execution services and data analytics company today announced plans to launch a peer to peer matching platform using its FTSE Russell/Cürex mid-reference rates. Cürex has been developing this functionality over the last nine months in conjunction with several major FX banks and with the support of many of its buy side customers who currently execute FX trades using the Cürex ECN. Cürex plans to launch its peer to peer matching product by year end 2020, having finalized design features and functionality with input from its bank and client working group.
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James Singleton, Cürex’s Chairman and CEO, commented, “We have spent time to consider carefully the optimal approach to peer to peer matching in the FX marketplace. We believe we have come up with a solution that will provide a frictionless path to allow buy side institutions to match with each other. Getting to this point involved seeking the input of many market participants. We are grateful for their participation and encouragement. Using the FTSE Russell/Cürex mid-rates, which are derived from the no last look prices on the completely anonymous Cürex ECN, provides a reference rate that is ultimately fair and transparent. After the completion of certain technical work, we expect to launch this capability that will eliminate market impact for customers who use this product.”
Franz Schmidpeter, Cürex’s Senior Managing Director, added, “We know that peer to peer matching is a capability that the buy side clearly wants. The challenge has been clearing and how to attract a large enough universe of participants to provide two-way interest. By collaborating with a broad group of interested parties, we believe our platform design addresses both of those challenges. We are excited to finish our work over the coming months and bring this benefit to our clients.”
