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Reuters and CME announce new marketplace

The Reuters Group have joined forces with futures exchange Chicago Mercantile Exchange Holdings (CME) to announce plans to launch the world's first centrally cleared global foreign exchange marketplace.

Both companies will invest an estimated $45 million in the venture, which aims to tap into the recent growth in institutional investment and hedge fund activity.

The two companies said they wished to pool their expertise in launching the new marketplace, which is to be called FXMarketSpace.

Commenting on the joint venture, CME chief executive Craig Donohue said: "It takes advantage of the natural evolution of the trend we are all observing in the forex markets in the past few years."

The centrally cleared marketplace will benefit investors by eliminating the inefficiencies that exist in current foreign exchange trading, and also allows trading anonymity.

Trading on FXMarketSpace is expected to begin early next year, starting with the spot currency market.