Consortium-backed FMX eyes push for FX unit
Formerly Fenics FX, the venue has seen growth from dealers and non-banks using its pegged order types and dark pool liquidity
When interdealer broker BGC revealed its electronic trading business, FMX, with a consortium of 10 global investment banks and market-makers, all eyes were on the creation of a new US interest rate futures exchange. Within the new unit, however, its established foreign exchange platform could emerge as a major beneficiary of the reorganisation.
Formerly Fenics FX, the rebranded FMX FX has doubled average daily volume year-on-year to roughly $12 billion across spot and non-deliverable forwards.
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