ION has connected to the newly launched FMX Futures Exchange, allowing clients to trade on the exchange through ION’s execution and post-trade product suite.
Robert Allen, president of FMX Futures Exchange
Having opened on 23 September, the FMX Futures Exchange is the first US interest rate futures exchange to launch with a fully operational, globally connected trading system, allowing for potential capital savings driven by clearing partner LCH’s cross-margin capabilities.
BGC Group and ten 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 spot foreign exchange platform, and a US cash treasuries platform.
“We are pleased ION connected to the FMX Futures Exchange. The combination of the FMX Futures Exchange with LCH will provide clients with choice, innovative execution technology, and potentially significant cross-margin capabilities,” said Robert Allen, president of FMX Futures Exchange.
ION supports FMX across its cleared derivatives front-, middle-, and back-office platforms, allowing banks and brokers using ION’s technology stack to offer clients advanced execution capabilities and clearing services on the new exchange from day one.
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“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,” said Francesco Margini, chief product officer for cleared derivatives at ION Markets.