Cboe FX Markets Collaborates with XTX Markets to Launch Hosted Algo Service

Cboe FX Markets, a foreign exchange provider to the institutions, announced that it has launched an algorithmic execution service in collaboration with XTX Markets, an electronic liquidity provider.

According to the announcement, the service will enable Cboe FX users to access the XTX Markets Execution Algo (XTX Algo). Cboe FX has been granted exclusive rights over use of the XTX Algo and this service is available for execution of the most actively traded pairs in the spot FX market, including: EUR/USD; USD/JPY; GBP/USD; AUD/USD; USD/CAD; USD/CHF; USD/CNH.

Cboe FX participants can access the XTX Algo on an anonymous or disclosed basis via the Cboe FX ECN using their existing Cboe FX technology and legal arrangements. This service will initially be available through the Cboe FX API in its New York-based matching engine, with a planned expansion to London, based on customer demand.

“As the use of algorithms become more prevalent in the spot FX market, we couldn’t be more excited to be utilizing the expertise of a best-in-class FX market maker,”Jonathan Weinberg, Head of Cboe FX said.”This service will offer greater choice and transparency to Cboe FX’s participants in how they access liquidity as they seek to improve their execution quality, demonstrate best execution and drive automation within their FX operations.”

“We are excited to be working with Cboe FX to enhance the distribution of our FX Algo product, which furthers our ability to reduce the FX community’s trading cost when patiently executing larger orders,”Jeremy Smart, Global Head of Distribution at XTX Markets, added.

Earlier this month, Cboe FX Markets has published its monthly trading volume numbers for August 2021​. The demand for the platform's services decreased on a month-on-month basis.