Cboe FX Relaunches FX Point
Posted by Colin Lambert. Last updated: April 17, 2023
Cboe FX has relaunched its bilateral trading service FX Point, initially working with Wells Fargo – the service was first released in 2019 and the renewed service has been live since April 1
The relaunch comes as recent Bank for International Settlements’ analysis indicates the strong growth in bilateral, disclosed trading and sees Cboe commit to expanding its franchise beyond its largely anonymous trading franchise.
“We wanted to offer our clients more ways to execute,” explains Ben Leit, global head of sales for Cboe FX. “We recognise that customised liquidity offers strong levels of execution quality, so wanted to give our clients that choice.
FX Point leverages the existing technology on Cboe FX, so there is no development work for makers or takers, equally, as part of the broader Cboe FX offering there is no need for new legal documentation. “Leveraging Cboe’s, technology, credit and straight-through processing, there is minimal complexity to those who adopt this service, while they can deepen their relationship through targeted and defined order flow which helps reduce market impact,” Leit said.
Leit adds that Cboe is hoping to bring additional firms to FX Point in the coming months, “We think there are real benefits for market participants in FX Point. We will not co-mingle disclosed and anonymous liquidity on our platform, but we recognise that for many firms, their preference for some flow is to execute bilaterally and want to give them that flexibility.”