FXCM Group on Tuesday joined the FX Tape streaming service operated by FastMatch, the Euronext-owned foreign exchange trading venue, which offers a market data product that aims to increase transparency and help traders evaluate best execution performance.
Participation in the FastMatch FX Tape™ is voluntary under an open access model, with FX Tape offering commercial incentives to encourage ECNs to contribute data. This includes allowing contributors to obtain a percentage of the net revenue generated by FX Tape according to the volume they contributed with.
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The solution is modelled on similar projects for other asset classes such as equities and consists of ECNs, banks, and other financial institutions engaged in the FX market to provide a last-sale data feed with price, size, and timestamps. The idea itself makes sense due to the decentralized and international nature of the FX markets and the lack of a single regulatory authority sitting above it.
Earlier in November, FastMatch offered real time public access to its FX Tape feed at 40 euros ($49.59) per month. It also announced last month that it has added Bitcoin to FX Tape as the company plans to support the trading of cryptocurrencies later in the year.
Commenting on this, Brendan Callan, CEO of FXCM Group, said: “we believe the FastMatch FX Tape is a great step in improving post-trade transparency. It will serve as a reliable reference price for everyone as the tape will show confirmed trade rates instead of quoted rates. FXCM has always provided our clients with as much data as possible to increase transparency and aid in their trading experience. We applaud FastMatch for looking to do the same.”