FastMatch, the Euronext-owned foreign exchange trading venue, has added Bitcoin to FX Tape as the company plans to support the trading of the cryptocurrencies later in the year.
The FX Tape streaming service now provides real-time last trade data on the big daddy of cryptocurrency against the US dollar (BTC/USD).
We understand the new addition is modelled on a similar approach for other FX instruments, which consists of established institutions engaged in the market. This provides a last-sale data feed with price, size and timestamps. The idea itself makes sense due to the decentralized and international nature of the cryptocurrency market, and the lack of a single regulatory authority sitting above it.
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The driver of this jump into the crypto space was cited as the increase in awareness of virtual asset class and blockchain technologies.
By default, the trades will be collected in aggregated and delayed fashion to minimize market impact, and possibly to reduce costs compared to the case where those trades are disseminated in real time. While the service will consolidate data from several resources, the product is distributed to market participants and vendors via FastMatch and Euronext’s distribution networks.
Earlier in November, FastMatch offered real time public access to its FX Tape feed at €40 per month.