THETRADETECHFX DAILY
news update
TECHNOLOGY
CME Group to leverage FairXchange solution to enhance FX liquidity management and execution
THE MOVE WILL SEE FAIRXCHANGE’ S EXECUTION ANALYTICS TECHNOLOGY INTEGRATED INTO CME GROUP’ S EBS DIRECT PLATFORM AS IT LOOKS TO IMPROVE HOW FX LIQUIDITY IS PRICED, ACCESSED AND EVALUATED.
CME Group is set to leverage FairXchange’ s
Horizon platform as it seeks to bolster its FX execution analytics and enhance liquidity management.
Specifically, the trading venue is set to deploy Horizon on EBS Direct – CME Group’ s disclosed FX trading venue, used by banks and institutional investors to execute bilateral spot FX trades. The integration of Horizon is intended to improve how liquidity is priced, accessed and evaluated across the platform.
Paul Houston, global head of FX products at
CME Group, said the platform would strengthen EBS Direct’ s analytical capabilities and support clients navigating increasingly complex FX markets.
“ Leveraging FairXchange’ s Horizon solution will significantly enhance liquidity management for EBS Direct. This solution will empower our market participants with independent, data-driven analytics, enabling more informed decisions and optimising liquidity management and execution.”
Market participants are set to benefit from greater transparency into execution quality and trading behaviour, as well as more data-driven interaction between liquidity providers and buyside firms.
Guy Hopkins, founder of FairXchange and head of capital markets at United Fintech, said:
“ CME Group is one of the most significant and respected institutions in global financial markets, and their decision to select Horizon is a strong validation of our commitment to promoting transparency, collaboration and commercially sustainable trading relationships.”
POST-TRADE
Following the US shift to T + 1, the Global Foreign Exchange Committee lays out key considerations for European transition to one day settlement
THE FX SETTLEMENT RISK WORKING GROUP RECOGNISED THAT FX SETTLEMENT CYCLES HAD EXPERIENCED LITTLE CHANGE AS A RESULT OF THE US’ MOVE IN 2024, BUT WARNED THAT EARLY PREPARATION REMAINS ESSENTIAL, TO AVOID UNFORESEEN IMPACTS.
The FX Settlement Risk Working Group has outlined several key considerations for the upcoming shift to T + 1 settlement in the EU, UK, Switzerland and Liechtenstein, scheduled for 11 October 2027.
Speaking at a virtual meeting held by the Global Foreign Exchange Committee( GFXC) in December 2025, the group emphasised the importance of beginning preparations as early as possible to ensure that market participants can smoothly shift to the new settlement.
In addition, the group made reference to disparities between the US’ transition in 2024, stating that from an FX perspective, the shift was smooth, however variation in European market structure may present challenges.
Specifically, the key considerations proposed included: ensuring FX market participants understand the choices available to them for the transition, reviewing FX trade allocation processes, engaging with custodians and third-party providers, using payment-versuspayment( PvP) services to reduce settlement risk, undergoing systems and process reviews and familiarising with public materials. Moreover, the group also recognised that there has been limited change in FX settlement cycles as a result of the North
American move and predicted that only a fraction of FX trades in the UK and Europe will be impacted.
Despite this, the findings still warned of a potential material impact for market participants who were not affected by the US move or were unaware of the upcoming European and UK shift, further emphasising the importance of early readiness.
Calls for early preparations for the shift to T + 1 have been continuously echoed across the industry over the past year, with organisations such as the UK Accelerated Settlement Taskforce urging firms who have not begun preparing to do so now.
With this in mind, recent data has indicated that strong progress is being made, with a survey released by The ValueExchange in November 2025 revealing that 95 % of firms have now commenced preparations.
In addition, the study also indicated that 60 % of the firms surveyed also predict that they will hit the key T + 0 confirmation deadlines in 2026.
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