FXCH clears first institutional FX spot trade on blockchain

FX Clearing House from Ireland-based Baxter FX sets its sights on becoming the go-to CCP for all spot FX participants

blockchain
All clear: blockchain proves viable for clearing and settlement

Ireland-based Baxter FX has launched FX Clearing House (FXCH), the first institutional spot foreign exchange clearing house to operate on blockchain technology, paving the way for clients to submit trades transacted on any institutional FX platform for cleaning and settlement.

The clearing house said it had accepted and novated its first trades from e-FX trading platforms using distributed ledger technology. It added that blockchain gives full transparency to the settlement process and provides