Re-platforming FX Matching and FXAll Trading Venues
We are streamlining our FX venues
We are migrating our FX venues to a proven, common core technology. This same technology powers the London Stock Exchange, as well as Turquoise trading, and is capable of delivering multiple products and trading paradigms.
Customers can expect improved performance, a better user experience, as well as improved flexibility and simplicity through our re-platforming initiative.
The new common core technology will offer reduced latency to our FX venues, bringing them in line with the speeds seen in equity markets. This in turn will help to improve the reliability and robustness of our solutions.
We are embarking on a significant systems upgrade. The migration of the technology is the first exciting step as we evolve our venues with the changing market structure.
By investing in the re-platforming of these venues onto a common core technology infrastructure, our customers will be able to benefit from simplicity in how they access, connect to and use our venues. We will also be able to innovate faster and deliver an enhanced client experience. It's our commitment to providing an even better service in a constantly evolving FX market.
Key dates
November 2023 |
NDF Matching on RMO live |
March 2024 |
NDF Matching on SEF live |
Early 2025 |
Next generation Matching for API participants launched for two spot pairs: USD/CHF and EUR/CHF |
| Mid 2025 |
Remaining Spot pairs and all Forwards Matching instruments migrated to the new upgraded Matching venues |
NDF Matching now live
LSEG’s new NDF Matching venue brings together the liquidity, execution, operational and capital benefits of an NDF central limit order book and clearing for the first time, offering an innovative solution for the global foreign exchange industry.
What to expect
What improvements can you expect?
Support for NDFs to meet customer demand
As part of the venue streamlining, we will launch a new NDF capability on the CLOB. Unlike existing services, all trades executed on the venue will be submitted to LCH ForexClear for clearing. With LCH ForexClear acting as the Central Counterparty (CCP), it removes the necessity to have a centralised or bilateral credit model.
The integration of clearing into NDF Matching enables easier access to the full book of liquidity in the venue for all participants and better transparency of the market. Cleared settlement brings innovation to the FX market, including simplified credit management, lower costs, and easier adoption by non-bank participants.
We believe that a fully cleared venue for NDFs will open up the opportunity for more participants to access the venue. A more diverse range of participants will change the liquidity profile and have a positive impact on the market, benefiting not just our customers but the market as a whole.
Significant upgrades to our Matching venue
We understand that customers have differing trading needs and we are committed to providing all customers with an improved trading experience.
For participants who connect via an API, the changes are about performance, simplicity, consistency across venues and enhanced functionality. For smaller customers who do not use APIs we are enhancing the venue with different mechanisms to trade.
The venue migration will see the introduction of several new order types, such as pegged and discretionary orders, giving smaller market participants a better trading experience. Similarly, the re-platforming project will also see the introduction of mid-orders, which will give participants more certainty in trading and lead to a better outcome.
Consistent APIs
Many clients participate on multiple LSEG FX venues, and we appreciate how expensive and time consuming it is to connect across venues – especially if they have a variety in trading paradigms, APIs and connectivity methods.
We are working to support all LSEG FX venues using consistent APIs (FIX specifications) to reduce the integration work clients need to do.
We are also standardising the data centres that venues are hosted in and the connectivity methods offered for access to them.
A single shared credit capability
To make credit easier to navigate across all venues we will be offering a single credit capability that will manage limits across venues and geographic locations. Participants will be able to manage credit through either a manual GUI or a RESTful API for intra-day limit updates.
Included in this is a significant evolution in the credit function in our Forwards Matching service. Customers will be able to update credit limits in the venue and so trade on a “hard match” paradigm or perform a client check of credit at the point of match. Our aim is to support the market moving to a new credit and trading paradigm in a way that allows our clients to manage credit in a way that best suits them.
Better and fairer delivery of market data
Customers need access to faster and richer market data in order to make their trading decisions. The upgraded venues will deliver consistency on how market data is delivered across our venues, improved performance and latency, and more transparency.
The fastest premium market data feeds for co-located participants will deliver market data updates showing prices available to trade, based on bilateral credit, as well as the best prices on the platform. This will make trading in the wide variety of currencies supported on Matching significantly more effective.
Re-platforming our FX venues offers the opportunity for a new paradigm for Matching. Going forward, we will have the capability to offer the availability of data services to depend on a customer’s volumes and their frequency of interaction with our venues. This will ensure our venues maintain a high-level of integrity.
Customers are increasingly looking for more advanced analytics as part of a venue’s product offering. We will offer analytics tailored to each venue and to the needs of individual users. These reports will help customers to better analyse trades and gain more insight into trading relationships and the allocation of their business.
Consistent admin controls across venues
Operational tasks will be simplified with services such as stream management becoming self-service. The creation of end-to-end solutions means that customers will be able to use our FX venues with more autonomy than previously possible.
Improved customer experience
The migration of our FX venues to the new infrastructure will future-proof our technology and provide our customers with a significantly improved experience. A common technology framework means common systems, data model and client interfaces for reporting and analytics. Customers will be able to access reports and insights in a consistent way across every platform they have interacted with.
We are also migrating GUI trading capabilities over time to the LSEG strategic desktop, Workspace. NDF Matching will only be available on a GUI for manual users through Workspace and FX Trading, and other venues will also be supported on Workspace. In order to minimise complexity and disruption for clients we will ensure that a new version of the FXT GUI will also be available to support the migration of Matching to the new core technology.
Frequently asked questions
Key project contacts
| Contact Area / Product | Contact Details |
| Press Office | newsroom@lseg.com |
| Client Connectivity Contact |
globalvenues@lseg.com |
| Technical Account Managers | fxtam@lseg.com |
Key document links
| Subject | Description | Link title |
FX Credit API |
The API integrates with LSEG FX Global Credit Management (FXGCM) which is the new global credit service offered by LSEG’s FX venues for its market participants to manage their credit risk. The specification covers functions that are applicable to the overall Matching venue. The first capability to be launched will support the cleared NDF venue utilising an Initial Margin limit type. |
|
FX Reporting API |
The FX Reporting API is a REST based API that will provide client access to a suite of reports, including the Daily Confirmation Statement (DCS) of completed trades, and audit reports such as the Orders History Report. The API will provide access to specific client reports on a near-real time basis. The API supports the following formats: JSON, CSV and XML. The Bulk API functionality is available for retrieval of larger reports. The reporting API is for reports on the FX venues, regardless of the channel used to submit the orders, e.g. API, FXT, FXall and Workspace. |
|
FX Market Data API |
The FX Market Data API is a point-to-point service based on the technology and industry-standard FIX SBE to allow trading participants to receive real-time information for each instrument traded on our Primary CLOBs. The API is based on FIX SBE Version 2 Release Candidate 2. The feed includes a specific set of FIX messages, constituent tags and messaging workflows that are required to support the dissemination of market data. |
|
FX Trading - Matching API |
The FX Trading - Matching API supports the FIX protocol version 5.0 SP2. The API includes a specific set of FIX messages, constituent tags, and associated workflows that are supported by the FX Trading - Matching API. The main workflows covered are:
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FX Post Trade API |
The FX Post Trade API supports the FIX protocol version 5.0 SP2. The API specifically allows clients to receive a complete FIX Trade Capture Report (TCR) to enable them to book trades into their risk system while enriching trades for further post trade activities they maybe required to carry out, such as but not limited to regulatory reporting, confirmation, and settlement processes. |
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