Reuters, CME in Forex Venture

The companies plan a global centrally cleared foreign-exchange trading platform.
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Reuters (RTRSY) and Chicago Mercantile Exchange (CME) - Get Report set a joint venture that aims to create what they called the first centrally cleared global foreign-exchange marketplace.

The venture, called FXMarketSpace, "will offer market solutions to capitalize on the growing demand for broader access to the FX market, the emergence of FX as an asset class, the growth of non-bank financial institutions in global FX markets and the growth of electronic and algorithmic trading," the companies said. Reuters and CME have begun development of the network platform and expect the venture to launch in early 2007.