New York-based Cürex Group announced on Wednesday that it is planning to launch a peer to peer matching platform using its FTSE Russell/Cürex mid-reference rates.
Cürex offers institutional foreign exchange execution and data analytics services and particularly focuses on the buy-side institutions.
The company revealed that it was developing the new functionality for over the last nine months and was working with several major FX banks and other buy-side customers using the Cürex ECN.
“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,” Cürex’s Chairman and CEO, James Singleton explained.
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“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.”
Working with Clients for Product Development
The company is currently finalizing the design features and functionality from its client working group and is aiming to launch the services by the end of this year.
“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,” Franz Schmidpeter, Cürex’s senior managing director, added
“We are excited to finish our work over the coming months and bring this benefit to our clients.”