CME Group’s EBS has been established three decades in the market as a primary venue for reliable, anonymous liquidity and price discovery in cash FX. During the review period, CME further pushed EBS’s value proposition by launching several new initiatives.

Digital Vega has transformed from a simple aggregator of vanilla bank liquidity into a leading provider of FX options-related products and services to banks and clients globally. This evolution has been driven by continuous innovation, strategic partnerships and a steadfast commitment to delivering client excellence.

Euronext FX has made strides in cultivating a diverse and inclusive workplace through a comprehensive approach to talent recruitment, development and retention. The venue has actively implemented inclusive hiring practices to attract and nurture a diverse workforce. This commitment is evident in Euronext FX’s gender equality initiatives, which saw the venue leverage strategic partnerships to empower women and build a diverse talent pipeline.

During the review period, 360T introduced new initiatives that made a significant impact to their corporate clients.

Euronext FX has focused on enhancing client service through innovative strategies and solutions, resulting in improved satisfaction, engagement and operational efficiency.

During the last year, 360T has strategically invested in its spot FX technology, building on a foundation of unique liquidity created by its client base for spot, which spans both its electronic communication network (ECN), 360TGTX, and its multibank over-the-counter (OTC) platform. The first thing that differentiates 360T’s Spot FX offering is the breadth and depth of its client base. While other platforms like to talk about “unique liquidity” the fact is that across its ECN and multibank OTC platform, 360T has over 2,400 buyside clients across more than 75 countries, in addition to being connected to over 200 liquidity providers globally.

During the second quarter of 2024, 360T averaged €142 billion per day in trading volumes, with the largest portion of that being FX swaps trading. The company specializes in FX swaps trading across three areas – for the buyside, the 360T execution management system (EMS) streamlines trading with customizable automation tools and embedded data feeds for best execution.