Blockchain-powered FXCH wants to fill the gap left by tier 1 banks pulling out of the FX prime brokerage market.
FXCH Ltd. (the FX Clearing House) is a Dublin-headquartered Blockchain startup, founded by a team of institutional FX veterans looking to fill the gap left by major banks pulling out of the FX prime brokerage market. On Friday it cleared the first ever Institutional Spot-FX transaction using a distributed ledger for settlement.
At the newly established Clearing House, members can submit trades transacted on any institutional FX platform to be cleared and settled by FXCH. Focusing at first on non-bank participants, the firm explains that it aims to solve the counterparty trust problem by organising the governance of its member-based clearing organisation with rules, a guaranty fund and tightly controlled default mechanisms.
Franck Mikulecz, founder of FXCH, commented: “We embraced the Blockchain technology for its strongest but most overlooked property: the trust machine. Streamlining steps to settle FX trades at a fraction of the current costs is brilliantly disruptive. But the ledger opens the possibility of creating a level of trust only Tier-1 Banks are enjoying today, without the need to rely on $100Bln balance sheet. That is a true revolution.
Our work is greatly facilitated by the incumbent Tier1 banks generally pulling out of the FX Prime Brokerage market. Banks are no longer inclined to lend their credit lines for their clients to trade FX, and the gap this leaves in the market isn’t filled adequately by prime-on-prime providers.”
Martin Dyring-Andersen, FXCH’s CTO, added: “In order for a technology to find its place, it needs to be understood by a majority in an industry. By combining best of breed blockchain technology with our domain specific know-how, we offer all participants a transparent distributed proof of ownership overcoming the hard trust objections plaguing today’s process of settling FX trades.”
Justyna Hammon, FXCH’s head of business development, marked the high goals for the venture: ”With an open-for-business policy and a fast onboarding process, eventually FXCH wants to become the go-to central counterparty for all Spot-FX participants globally.”
FXCH Ltd. (the FX Clearing House) is a Dublin-headquartered Blockchain startup, founded by a team of institutional FX veterans looking to fill the gap left by major banks pulling out of the FX prime brokerage market. On Friday it cleared the first ever Institutional Spot-FX transaction using a distributed ledger for settlement.
At the newly established Clearing House, members can submit trades transacted on any institutional FX platform to be cleared and settled by FXCH. Focusing at first on non-bank participants, the firm explains that it aims to solve the counterparty trust problem by organising the governance of its member-based clearing organisation with rules, a guaranty fund and tightly controlled default mechanisms.
Franck Mikulecz, founder of FXCH, commented: “We embraced the Blockchain technology for its strongest but most overlooked property: the trust machine. Streamlining steps to settle FX trades at a fraction of the current costs is brilliantly disruptive. But the ledger opens the possibility of creating a level of trust only Tier-1 Banks are enjoying today, without the need to rely on $100Bln balance sheet. That is a true revolution.
Our work is greatly facilitated by the incumbent Tier1 banks generally pulling out of the FX Prime Brokerage market. Banks are no longer inclined to lend their credit lines for their clients to trade FX, and the gap this leaves in the market isn’t filled adequately by prime-on-prime providers.”
Martin Dyring-Andersen, FXCH’s CTO, added: “In order for a technology to find its place, it needs to be understood by a majority in an industry. By combining best of breed blockchain technology with our domain specific know-how, we offer all participants a transparent distributed proof of ownership overcoming the hard trust objections plaguing today’s process of settling FX trades.”
Justyna Hammon, FXCH’s head of business development, marked the high goals for the venture: ”With an open-for-business policy and a fast onboarding process, eventually FXCH wants to become the go-to central counterparty for all Spot-FX participants globally.”
Breaking: Binance's Changpeng Zhao Handed Four Months in Prison
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
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#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
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#fmas #fmas24 #fmevents #networking #finance #africa
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
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#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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