Currenex has announced today that that live trading has commenced on its new LDFX regional matching engine. Located in the Equinix London LD4 datacenter, LDFX is dedicated to serving Europe, Middle East and Africa (EMEA) based market participants looking for regional matching.
The successful launch of the new matching engine in effect reduces the physical distance between Currenex and market participants with European-based trading infrastructure who connect to LDFX, enabling the potential for faster access to regional-based liquidity.
The firm explains that LDFX can be accessed via the internet, supported extranets, and direct cross connections, including those market participants with LD4 cross-connects to Currenex already in place.
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Rival BATS Hotspot is also expanding its presence in the region with the launch of its first Europe-based FX matching engine in London, announced earlier this year.
Currenex has been one of the most successful platforms in the institutional FX sector, the portal offering users a number of key functionality with both executable streaming prices and requests for quote. Users also benefit from the ladder picking system that gives oversight of the full order book.
The firm was one of the first platforms that offered trade settlement and confirmation services at the latter stages of the last decade, thus allowing both counterparties of trade to hold useful order information.
The multi-dealer trading portal came to market during the midst of the e-trading phenomena twenty years ago, its founders re-branded the initial portal to Currenex in 2000. The multi-bank FX platform exchanged hands with one of the world’s largest custodian banks, State Street, in 2007 for $564 million.