LONDON, Sept. 14, 2021 /PRNewswire/ -- Cboe FX
Markets, a Cboe Global Markets, Inc. (Cboe: CBOE) company and a
leading platform for institutional foreign exchange (FX) trading
globally, today announced the launch of a hosted algorithmic
execution service in collaboration with leading electronic
liquidity provider XTX Markets.
This service will help enable Cboe FX participants to access the
XTX Markets Execution Algo ('XTX Algo'), which is designed to
alleviate implementation shortfall, via the Cboe FX ECN. Cboe FX
has been granted exclusive rights over use of the XTX Algo in the
anonymous ECN space and this service is available for
execution of the most actively traded pairs in the spot FX market,
including: EUR/USD; USD/JPY; GBP/USD; AUD/USD; USD/CAD; USD/CHF;
USD/CNH.
Jonathan Weinberg, Head of Cboe
FX, said: "As the use of algorithms become more prevalent in the
spot FX market, we couldn't be more excited to be utilizing the
expertise of a best-in-class FX market maker. This service will
offer greater choice and transparency to Cboe FX's participants in
how they access liquidity as they seek to improve their execution
quality, demonstrate best execution and drive automation within
their FX operations."
Jeremy Smart, Global Head of
Distribution at XTX Markets, said: "We are excited to be working
with Cboe FX to enhance the distribution of our FX Algo product,
which furthers our ability to reduce the FX community's trading
cost when patiently executing larger orders. We look forward to
helping the platform's participants benefit from our scale and
market-making expertise in FX. "
Cboe FX participants can access the XTX Algo on an anonymous or
disclosed basis via the Cboe FX ECN using their existing Cboe FX
technology and legal arrangements. They will also be able to
utilize the credit infrastructure of Cboe FX, which offers easy
access to the XTX Algo and its Transaction Cost Analysis (TCA)
capabilities. This service will initially be available through the
Cboe FX API in its New York-based
matching engine, with a planned expansion to London, based on customer demand.
Ben Leit, Global Head of Sales,
Cboe FX, said: "Cboe FX is always looking for opportunities to work
with its clients to enhance execution outcomes for end investors.
XTX Markets was a natural collaborator for us as we sought to
launch an algo hosting offering and lower the barriers for entry
for clients wishing to adopt advanced agency solutions in the FX
spot market."
This service is highly complementary to Cboe FX's other services
allowing it to offer a comprehensive suite of trading services to
meet the diverse needs of the FX trading community, covering all
aspects of how participants interact in the market. These include a
firm order book (Cboe FX Central), sweepable order book with
curated firm and non-firm liquidity (ECN), and full amount trading
which provides participants with a solution for larger order risk
transference with low market impact (Full Amount).
Cboe FX has seen strong growth this year. In the first half of
2021, Cboe FX reported average daily volume (ADV) traded of
$34.5 billion, earning a strong
market share of 16.4%.
For additional information, please contact the Cboe FX sales
team at fxsales@cboe.com.
About Cboe Global Markets, Inc.
Cboe Global Markets (Cboe: CBOE), a leading provider of market
infrastructure and tradable products, delivers cutting-edge
trading, clearing and investment solutions to market participants
around the world. The company is committed to operating a trusted,
inclusive global marketplace, providing leading products,
technology and data solutions that enable participants to define a
sustainable financial future. Cboe provides trading solutions and
products in multiple asset classes, including equities, derivatives
and FX, across North America,
Europe and Asia Pacific. To learn more, visit
www.cboe.com.
Media
Contacts
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Analyst
Contact
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Tim
Cave
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Angela
Tu
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Kenneth Hill,
CFA
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+44-20-7012-8950
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+1-646-856-8734
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+1-312-786-7559
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tcave@cboe.com
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atu@cboe.com
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khill@cboe.com
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Cboe®, VIX® and Cboe Volatility Index® are registered
trademarks and Cboe Global MarketsSM is a service mark
of Cboe Exchange, Inc.
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SOURCE Cboe Global Markets, Inc.