CME FX Link Completes Integration with Refinitiv Trade Notification and IHS Markit’s MarkitSERV

CME Group​, the world's leading and most diverse derivatives marketplace, today announced that it has completed the integration of its FX Link platform with the Refinitiv​ Trade Notification (RTN) and IHS Markit​'s MarkitSERV messaging services.

By connecting with Refinitiv and IHS Markit, FX Link customers can now receive OTC spot FX messages directly via RTN or MarkitSERV which will streamline onboarding and meet their Straight Through Processing (STP) requirements.

The integration was completed in March 2021 and is now being used by banks such as Goldman Sachs for price discovery and to access additional liquidity for FX swaps in eight currency pairs.

"We recognize how important automation and ease of connectivity is for our customers, and we continue to invest in enhancements to provide flexible access to the growing FX Link marketplace," said Paul Houston, Global Head of FX Products, CME Group. "By integrating with RTN and MarkitSERV, a larger group of market participants are able to use FX Link, a cleared and capital efficient pool of firm liquidity for FX swaps."   

"Refinitiv Trade Notification provides thousands of customers with transparency and genuine STP for their FX trades across 150 publishers including single dealer, multi-dealer, and voice broker platforms," said Dean Berry, Group Head of Trading & Banking Solutions, Refinitiv. "We are pleased to now support messaging from CME FX Link activity in order to standardize and streamline how customers can integrate in an efficient way with this growing marketplace for FX swaps."

"MarkitSERV's multi-asset STP service helps our customers manage the diverse and fragmented nature of the OTC marketplace, combining STP from any execution source with flexible processing and workflow solutions to reduce the cost, risk and complexity of post trade operations," said Mark Briant-Evans, Head of FX Business Development, IHS Markit. "We are excited to work with CME FX Link to provide customers with turn-key integration to this innovative platform for FX swap execution."

CME FX Link provides a complementary pool of liquidity to bilateral FX swaps that is available in a central limit order book on a credit agnostic, all-to-all basis with truly firm pricing. It combines an OTC spot transaction on the near leg with a centrally cleared and capital efficient FX Future on the far leg. FX Link currently supports eight currency pairs, which combined account for 69% of the FX swaps market according to the most recent BIS survey.

As the world's leading and most diverse derivatives marketplace, CME Group continues to strengthen its IT infrastructure to empower market participants worldwide to efficiently manage risk and capture opportunities. As Fazzaco reported previously, CME Group launched a new build of the version 16 Optimizer software​ in conjunction with its expansion of the Portfolio Margin program to include SOFR Futures last month.