FXMarketSpace, a centrally-cleared, global foreign exchange market, formed by a joint venture of Thomson Reuters and the Chicago Mercantile Exchange (CME) is set to close.
Trading on the platform will be suspended at the close of business on 17 October. During the coming months, CME Group and Thomson Reuters have stated they will work closely with FXMarketSpace to ensure an orderly wind down of existing business operations.
Both Thomson Reuters and CME have committed $20-25 million to the project since it was announced in May 2006, and the platform was expected to achieve profitability this year. Both companies have also said they would explore working together to pursue future clearing and operational projects for the FX market.
FXMarketSpace, a centrally-cleared, global foreign exchange market, formed by a joint venture of Thomson Reuters and the Chicago Mercantile Exchange (CME) is set to close.
Trading on the platform will be suspended at the close of business on 17 October. During the coming months, CME Group and Thomson Reuters have stated they will work closely with FXMarketSpace to ensure an orderly wind down of existing business operations.
Both Thomson Reuters and CME have committed $20-25 million to the project since it was announced in May 2006, and the platform was expected to achieve profitability this year. Both companies have also said they would explore working together to pursue future clearing and operational projects for the FX market.