FastMatch - FX

FastMatch - Fastest ECN for spot FX trading

Fastest ECN for spot FX trading

Euronext has now expanded its product offering to global Foreign Exchange markets, thanks to the acquisition of FastMatch,
the fastest growing ECN in the spot FX market.

FastMatch acquisition

In August 2017, Euronext acquired c.90% of FastMatch, the fastest growing Electronic Communication Network (ECN) in the spot Foreign Exchange (FX) market.

This deal diversifies our product offering, opening up a new asset class for Euronext and the potential for further development opportunities in the FICC spaceIt establishes Euronext’s presence in the FX segment, the largest market globally.

Euronext will bolster FastMatch’s European presence through increased access to institutional clients across Europe.

Real-time and historical data products will be rolled out, and FastMatch and Euronext will aim to achieve presence in the FX derivatives space.

Strategic rationale

The G20 post-credit crisis response has created a regulatory drive for Over-The-Counter (“OTC”) and dark trading towards transparent, neutral and centrally cleared markets. New capital requirements further underpin an urgent need for greater efficiency and deep structural change of the OTC landscape. Nowhere is this more relevant than in the $5.1 trillion daily foreign exchange market. This new environment, driven by regulatory changes and the client’s need for more transparency and efficiency has resulted in a clear trend of electronification of spot FX trading where 66% of trading in 2016 was electronic, growing from 55% in 2010.

FastMatch is a disruptive institutional FX ECN providing customers access to large pools of diversified spot FX liquidity at unparalleled speed. With colocation in four data centers (London, New York, Tokyo and Greenwich), FastMatch offers clients the fastest, most scalable and versatile technology available in the market. FastMatch’s cutting-edge proprietary technology offers its established client base, many Tier-1 banks, non-bank market makers, broker-dealers, asset managers and hedge funds, unparalleled execution capabilities (>10x lower latency versus most peers), state-of-the-art smart order routing and highly customizable liquidity pools. FastMatch’s superior technology allows it to operate with a highly efficient cost structure which in turn gives it the strategic flexibility to competitively price its best-in-class product offering.

FX Tape

In September 2017, FastMatch launched FX Tape, a centralised and global Tape providing post-trade data to all market participants.

This new and innovative market data product will improve post-trade transparency in FX markets and allow market participants to monetize their trading data. FX Tape will also serve as a central reference point for Spot FX transacted prices helping market participants evaluate best execution performance.

FX Tape will publish real-time post-trade information collected from market participants in aggregated and delayed fashion to minimize market impact and information leakage.

This product will be available for distribution to thousands of market participants and vendors across the world via FastMatch’s and Euronext’s distribution networks. It will significantly improve transparency in the FX market and execution quality. The FX Tape will be open to all contributors under an open access model with 50%  of the net revenue generated by FX Tape shared with contributors, according to the volume contributed.

In November 2017,  FastMatch announced that individuals may now purchase FX Tape data from its website at a cost of €40 a month, using their credit cards.

Typically such trading data costs thousands of euros a month and requires special programming in order to receive it, so the average consumer cannot access the data. However, FastMatch is now making this data available at low cost at https://tape.fastmatch.com.

About FastMatch

FastMatch is a new Electronic Communication Network for foreign exchange trading. FastMatch strives to offer its customers access to large pools of diversified liquidity at unparalleled speed with complete transparency in the optimal location. Its award winning technology gives FastMatch an important speed advantage and has the capability of handling thousands of clients simultaneously. Clients include retail brokers, institutions, banks, hedge funds, and proprietary trading firms. www.fastmatchfx.com

More information & contacts

Date Titre
21 Nov 2017 FastMatch opens up FX tape to general public expand
02 Nov 2017 FastMatch opens Greenwich, CT office expand
25 Sep 2017 FastMatch launches FX Tape expand
14 Août 2017 Euronext closes acquisition of FastMatch expand
23 Mai 2017 Euronext to acquire FastMatch and expand into global FX markets expand