Retail FX broker FXCM Group has announced that it has joined the FastMatch FX Tape.
Launched by FastMatch, a Euronext NV (EPA:ENX) company, the FX Tape is a centralized streaming service that provides real-time last trade data to all subscribing market participants. The underlying trade data is comprised of a diverse group of participating segments within the global market place and now includes anonymized data from FXCM.
The ultimate mission of the FX Tape is to create a transparent and public reference point for all spot foreign exchange participants which is something that FXCM very much supports.
Brendan Callan, CEO of FXCM Group said:
We believe the FastMatch FX Tape is a great step in improving post-trade transparency. It will serve as a reliable reference price for everyone as the tape will show confirmed trade rates instead of quoted rates. FXCM has always provided our clients with as much data as possible to increase transparency and aid in their trading experience. We applaud FastMatch for looking to do the same.
The FX Tape is open to all contributors under an open access model with a percentage of the revenue generated by FX Tape shared with contributors, according to the volume contributed.