Trading Protocols


Fenics Markets Xchange (“FMX”) combines the Company’s leading Fenics Rates and FX platforms with our new FMX Futures Exchange. FMX will deliver an integrated trading solution, utilizing state-of-the-art Fenics trading technology and global infrastructure designed for speed and scalability. FMX Futures Exchange has partnered with LCH, a leading global clearing house holding the world’s largest Interest Rate Swap clearing pool.

Together, FMX will offer a fully electronic cash U.S Treasury and futures platform while providing market participants significant clearing and cross margin efficiencies.


FMX Futures Exchange will deliver a sophisticated central limit order book, matching all limit orders based on price and time priority, while providing deep liquidity, real-time execution, price discovery and anonymity.

Enhanced protocols will bring a high quality CLOB through our unique technology, allowing for a lower total transaction cost. FMX Futures Exchange will carry over many of the differentiating factors from our cash treasury platform in order to help lower prices and provide a better user experience for those trading interest rate derivatives.


FMX Futures Exchange’s ultra-low latency platform will bring a lightning-fast matching engine to the futures space. All execution is binding and fully anonymous with no last look. Connection options include direct connectivity, co-location (co-lo) and Point-of-Presence (POP). With our cash and futures matching engines located side-by-side, latency will be brought to a minimum.



Bringing the power of our Fenics platforms under the FMX umbrella, we can deliver an ecosystem that is designed to provide a reduced latency for risk intake and risk exhaust, cash vs futures basis execution, and an evolution of technological connectivity between repo, off-the-runs, and futures.