BNY Mellon joins FXCM and Credit Suisse, becomes both an owner and client of FastMatch.
BNY Mellon announced that it has taken an ownership stake in the new Forex ECN FastMatch, joining FXCM and Credit Suisse in the ownership group. FastMatch and Tradition et Cie’s ParFX are vying to compete with the existing incumbents in the Forex ECN business — Thomson Reuters / FXall, ICAP EBS, HotspotFX and Currenex. ParFX is wholly owned by Tradition, but has lined up a bevy of top tier banks as liquidity providers to its soon-to-be-launched network including Mitsubishi UFJ, Nomura, Barclays, BNP Paribas, Deutsche Bank, Morgan Stanley, Royal Bank of Canada, SEB, Standard Chartered, State Street and UBS.
Both FastMatch and ParFX were established mainly in response to the failure of existing ECNs (namely, ICAP’s EBS) to nullify the predatory behaviour of some high-frequency traders, who seemed to have had an unfair advantage on the platform.
For the complete press release click here.
For more on the global Forex industry see the LeapRate-Dow Jones Forex Industry Report.