A group of top currency-dealing banks has delayed plans to launch a new banks-only trading system, opting to wait until the regulatory environment for foreign exchange becomes clearer in the coming months, two people familiar with the matter told Dow Jones Newswires.
According to Dow Jones, citing sources, the banks had planned to announce FXPure within the next two months. This has now been put back in the hope that the regulatory environment will become clearer in the next few months. The project is “definitely not dead” one person told the wire.
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Reading between the lines it’s pretty much clear that the project is dead. I was skeptical back in December when this plan was announced and now I’m pretty sure it’s all but over. I just don’t see how banks can agree on anything, even if it makes a lot of commercial sense. The death of FXMarketSpace in 2008 was a strong enough indication that this is never going to be easy. Now we have another good project which we can only read about in Wikipedia.