FastMatch ECN gets new name: Euronext FX

The rebranding of the ECN aims to tap into Euronext‘s reputation to attract larger clients

Suptech: More than just a new name for solving an old problem
FastMatch was acquired by Euronext in 2017

Euronext is rebranding its FastMatch electronic communication network (ECN) product as “Euronext FX”, aimed at bringing the European exchange operator‘s reputation to the platform and attracting larger clients.

In 2017, Euronext agreed a deal to buy 90% of FastMatch for an initial $153 million, marking its entry into the foreign exchange space. But the next stages were dogged by a dispute with FastMatch former chief executive Dmitri Galinov, who left a year after the deal and filed a lawsuit for wrongful termination. The dispute was settled in February this year.

“Euronext stands for transparency, regulatory robustness, fairness and accountability. FastMatch was perceived as an industry disruptor thanks to its award-winning technology. While maintaining its technology leadership, the company has gained operational maturity and can now rely on the backing of a large and stable organisation,” the exchange operator said in an April 16 statement.

While the legal entity of the ECN will take on a new name, “FastMatch” will live on as the brand of the trading technology that underpins Euronext FX. The DisclosedMatch, SafeMatch, AlgoMatch and ManageMatch product names will continue to be used.

The ECN‘s rebadging should bring in bigger institutional clients and allow the product to interact more closely with Euronext’s distribution network, the company believes.

“This is an important milestone for our teams, which demonstrates Euronext’s commitment to further develop the FX franchise,” said Kevin Wolf, CEO at Euronext FX, in the company statement.

“Being part of Euronext has already helped Euronext FX grow its presence in Europe, access Euronext’s vast and diversified client base, both sell side and buy side, and benefit from Euronext’s reputation.”

Wolf noted that since Euronext took over the ECN provider, it has launched Euronext FX Tape, which streams real-time trade data, and has revealed plans for a new matching engine in Singapore to serve clients in Asia.

Following its launch in 2012 by Dmitri Galinov as a Credit Suisse spinoff leveraging the bank’s dark pool matching technology, FastMatch quickly began to attract FX volumes to its platform. From a modest daily average of $3.7 billion in January 2014, the platform reached a high of $23.3 billion in May 2017.

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