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Screenshot of a breaking news alert e-mail from Q2 2017
R5FX, the emerging marketplace for local market FX trading, today announced the successful completion of its first Brazil, Russia, India and China (BRIC) trades.
The London FinTech start-up which is headed by prominent industry figure Jon Vollemaere is now in beta testing, prior to launch later this year.
Mr. Vollemaere became CEO of R5FX in August 2013, bringing his expertise as a financial technology entrepreneur to a new level in founding this electronic marketplace for emerging market FX and electronic NDFs. Prior to the establishment of R5FX, Mr. Vollemaere had co-founded FXecosystem, a position which was preceded by executive roles at Barclays as FX Product Director, and Head of Sales for the EMEA region at FXCMpro.
Subsequent to its establishment, the company began to attract interest from large companies, with Deutsche Borse having acquired a minority interest in R5FX in November last year.
R5FX intends to stimulate growth in the trading of Emerging Market currencies, specifically among the BRICS nations, as the market migrates from being largely voice traded to a transparent and efficient screen-based market, providing deeper liquidity and increased capacity.
Volumes traded in the spot FX market grew significantly due to the adoption of e-commerce, and the launch of R5FX will help to drive similar market growth, by bringing the trading of Emerging Market currencies to a wider audience.
Upcoming MiFID regulation on leverage ratios requires FX trading banks to review their trading channels, making centralised trading models more attractive for Emerging Market/NDF currency pairs. By operating a central credit model, R5FX provides credit efficiency, enabling clients to reduce the number of credit lines required to trade the growing volumes in Emerging Market currencies.
“R5FX continues to make significant progress, and I am happy to announce that we have successfully completed a number of BRIC beta test trades” said Jon Vollemaere, CEO of R5FX.
“Our New World Interbank marketplace is the result of over 400 product requirement meetings globally, which have driven our whole proposition, from the technology and platform design, to market structure innovation and new trading models” he concluded.
The “New World” platform brings together best-of-breed technology with a customisable user interface, resulting in a scalable marketplace, built entirely to customer design that supports a variety of order types and execution methods.
For the official announcement from R5FX, click here.