Cboe FX Markets, Cboe’s platform for institutional foreign exchange (FX) trading, has launched a new one-to-one execution solution that allows institutional clients to create custom, relationship-based connections with one or more of their preferred counterparties to meet their specific trading needs and liquidity provisions.
Going by the name of Cboe FX Point, the solution allows institutional clients to leverage Cboe FX’s technology, credit and straight-through processing infrastructure for low-cost management of one-to-one trading relationships, enabling them to connect to multiple selected counterparties more efficiently.
Bryan Harkins, Cboe’s Co-Head of Markets, commented: “With the launch of Cboe FX Point we’re streamlining relationship-based trading in the FX market and allowing clients to focus on what is most important – sourcing the unique liquidity they need to achieve an optimal trading outcome. One of the key benefits of utilising Cboe FX Point is that there is no technology development work for either makers or takers, which enables clients to reduce the costs and complexity of connecting to multiple counterparties.”
Mark Bruce, Head of Sales at Jump Liquidity, said: “The participation criteria is a great way for Cboe FX clients to identify genuine non-bank market makers, so we are proud to join Cboe FX Point at the highest level, as a Platinum Member. As Jump Liquidity continues to grow and focus on its direct trading business, Cboe FX Point will serve as an efficient and cost effective way for counterparties to connect to us for their spot FX and precious metals trading.”
Cboe FX Point offers liquidity providers different membership options based on expected levels of participation as well as allows for targeted and defined order flow between the liquidity taker and maker. Only the counterparties, liquidity takers and makers, are notified of executions, which reduces impact on the market.
