ION announced it’s connected to the recently opened FMX Futures Exchange, allowing clients to trade via its execution and post-trade product suite.
The FMX Futures Exchange is the first US interest rate futures exchange to launch with a fully operational, globally connected trading system with “potentially enormous capital savings driven by clearing partner LCH’s cross-margin capabilities”, according to an ION company statement.
ION supports FMX across its cleared derivatives front-, middle-, and back-office platforms. This ensures that banks and brokers using ION’s technology stack can offer clients advanced execution capabilities and clearing services on the new exchange from day 1, with minimal effort.
Robert Allen, president of FMX Futures Exchange, said in a statement: “The combination of the FMX Futures Exchange with LCH will provide clients with choice, innovative execution technology, and potentially significant cross-margin capabilities.”
Francesco Margini, chief product officer for Cleared Derivates at ION Markets, said in a statement: “The joint effort with FMX Futures Exchange demonstrates once again the effectiveness of ION’s front-to-back product strategy: the powerful combination of modern, integrated solutions across execution and clearing removes the technical barriers often hindering market readiness and participation.”
BGC Group and ten of the world’s leading global investment banks and market-making firms announced a partnership in April 2024 to create FMX Holdings, which includes the exchange, as well as a rapidly growing spot foreign exchange platform, and the world’s fastest-growing US cash treasuries platform. [Note: Finadium’s Josh Galper wrote about where UST repo might fit into the FMX model here]