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Who Is Reuters, FXMarketSpace
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IS THERE GOING TO BE A NEW KID IN TOWN

Yes, there is going to be a new kid; and by the time this book is published, the name and place will be FXMarketSpace. This entity represents a col laborative effort between two foreign currency industry leaders: Reuters and the Chicago Mercantile Exchange (CME).

This venture is expected to launch in 2007. What it will do is facilitate spot trading transactions on six major currencies against the U.S. dollar: the euro, the Japanese yen, the British pound, the Australian dollar, the Swiss franc, and the Canadian dollar. Four cross-currency pairs will also be supported. FXMarketSpace intends to add more products in forwards and options at a later date. Since the forex market has changed dramatically over the past few years, many players, such as hedge funds and commodity trading advisors who manage money, have entered the market with a new set of needs, one of which is order anonymity.

This concept will be the first over-the-counter FX trading platform to offer central counterparty clearing and full trade anonymity. FXMarket Space will also be accessible through multiple portals, giving its users unprecedented breadth of access to its trading platform. These character istics are expected to increase participation and to enhance liquidity in the forex market. FXMarketSpace combines the central counterparty model and clearing function of the Chicago Mercantile Exchange with the global distribution network and direct processing capability of Reuters. It is supported by one of the best matching and clearing technology pro grams and offers industry-leading matching-engine capabilities provided by the CME

Who Is Reuters?

Reuters is the leading provider of news, financial information, and technology solutions to institutions, businesses, and media worldwide. Founded in 1850, Reuters has always been committed to delivering information using the best available technology. In 1992, Reuters pioneered electronic trading services and established its presence with the launch of Reuters Dealing (originally D-2001, now Dealing Direct), an electronic peer-to-peer trading platform. Since then, the Reuters platform, in its formative and subsequent versions, has provided a catalyst for forex trade-volume growth by significantly reducing both execution speed and transaction costs.

FXMarketSpace
This venture will offer participants unprecedented choice of access to its platform through a variety of means including CME's i-Link API, Reuters Dealing 3000 and Reuters 3000 X-tra desktops, Reuters standard transac tions, API Select Independent Software Vendors (ISVs), and portals of par ticipating clearing member firms. FXMarketSpace is targeted to meet the explosive growth in demand for currency transactions by banks and other financial institutions, including traditional asset managers, proprietary trading firms, leveraged funds, currency managers, hedge funds, and com modity trading advisers (CTAs). It is designed to provide increased price transparency, to introduce trading anonymity, and to heighten forex market accessibility. These three features will attract more players, which in turn will increase market liquidity and market efficiency for the next generation of forex traders. All market participants will be able to trade against the same set of firm, executable prices. The central counterparty clearing model provides for full anonymity and eliminates the need for bilateral credit lines to support trading activities. The company's matching host pro vides increased transparency through both a five-level depth of book display with bid/offer quantities and detailed “time and sales” information. Firms may utilize the existing CME telecommunications hubs to facilitate their connections to FXMarketSpace, providing improved speed of access while reducing costs. Hubs are currently located in London , Amsterdam , Dublin , Paris , Milan , Gibraltar , and Singapore . Customers may utilize either their existing Reuters infrastructure or secure Internet connections to ac cess the market.

FXMarketSpace will reduce counterparty risk by being the buyer to every seller and the seller to every buyer by employing CME clearinghouse functionalities. If you bought this book to learn about the trading opportunities in the forex arena or even if you are a seasoned trading pro, look to learn some of my techniques. Keep your eyes and interest open on this new venture for currency trading; it promises to revolutionize the way we trade. It is like combining the best of futures and the spot forex market. Perhaps as it develops the centralized marketplace, we will have access to spot forex volume and will not need to worry about capturing that data from the futures market

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