R5FX, an emerging marketplace for local market foreign exchange (FX) trading, has gone live with Latin American (LATAM) trading on its platform, according to an R5FX statement.
R5FX is a London-based FinTech start-up that is presently in beta testing – the group is slated to launch later this year. The group had been looking to enter into emerging market (EM) currency trading, having now engaged in the LATAM arena. R5FX has also been an advocate of a shift away from voice trading to a more transparent and efficient screen-based market as it gears up an expansion into EM.
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In its inaugural offering, the live trading on R5FX will include the Brazilian Real (BRL), Chilean Peso (CLP), and Colombian Peso (COP). The move follows on the heels of R5FX’s launch of ‘LATAM in London’, which looks to bolster ties with Brazil and other EM venues in LATAM, whilst encouraging new opportunities in FinTech.
According to Jon Vollemaere, CEO of R5FX, in a recent statement on the LATAM launch, “Going live with R5FX LATAM in London is an important first step, as we build out our dedicated global emerging markets platform. By providing EMFX participants with increased transparency, centralized credit and a further offshore alternative, we are doing more than just offering the same old trading tools, we are helping our customers to build markets. Today this is in LATAM FX, which will become more widespread as we launch further currencies later this year.”
Last month, R5FX made headlines after undergoing a series of changes to its executive board, bringing in industry veterans (Lord) Howard Flight, Eng Huat Tan and Chung Min Pang.