New matching service extends to Europe, offering traders real-time transparent quotes
Equinix, Inc. (Nasdaq: EQIX), the global interconnection and data center company, together with FastMatch, an Electronic Communication Network (ECN) for foreign exchange trading, today announced the launch of a new ECN matching engine in Equinix’s London Slough International Business Exchange™ (IBX®) data center campus.
FastMatch currently operates its FX Spot and metals ECN matching engine from the Equinix NY4 data center in New York. The additional matching engine in London will offer FastMatch clients in the European region access to real-time transparent quotes and trade information, as well as complete redundancy to the platform.
As trading markets become more interrelated, investors are seeking local access to a wider range of asset classes and instruments in order to effectively manage risk in an increasingly complex and competitive environment. By deploying among the growing financial ecosystem inside Equinix, FastMatch makes its systems directly accessible alongside a wide range of other venues, data providers and financial institutions, allowing investors greater choice and flexibility.
FastMatch clients can trade across an array of unique liquidity sub-pools each governed by its own distinct rules of trading. FastMatch also enables institutional clients to easily transact large sizes with minimum market impact by using order types like hidden pegged to midpoint, reserve and minimum quantity.
The FastMatch ECN is based on technology that underpins the world’s largest equities crossing system, the Credit Suisse Crossfinder matching engine, which has been re-tooled and tailored to meet the needs of global foreign exchange markets.
FastMatch launched in the summer of 2012 and is a joint venture of FXCM, Inc. and Credit Suisse Group AG, later adding Bank of New York Mellon as a third backer in 2013. The company strives to offer its customers access to large pools of diversified liquidity at unparalleled speed with complete transparency in an optimal location.
Dmitri Galinov, CEO, FastMatch: “London is an FX trading capital of the world, yet traders in Europe currently have no access to real-time quotations or trades from any major FX ECN. The prices are either intentionally delayed or coming from the United States. We are excited to deliver real-time transparency to this previously underserved region.”
Stewart Orrell, managing director, Global Capital Markets, Equinix: “As the Equinix financial ecosystem continues to globalize, we’re seeing more trading venues deploy multiple storefronts in various cities to extend their ability to reach market participants around the world. With the launch of its matching service in the Slough campus, FastMatch is certainly on the right track to gain a competitive edge in today’s global marketplace.”