Reuters and CME's FX MarketSpace Goes Live

Finextra reports that Reuters' and CME's joint venture FXMarketSpace (FXM) has gone live this week and is fully operational with customer numbers exceeding expectations. A Reuters' report says that the two partners have estimated that the project needs around USD40 million, broken down as approximately 2 percentage points of market share, to break even some time next year. The launch press release states that FXM has the potential to transform the institutional foreign exchange market through its centrally cleared credit model which includes broader access, trading anonymity, greater transparency and robust, scaleable technology.