Cboe FX to launch hosted algo service with XTX Markets

Cboe FX Markets has announced the launch of a hosted algorithmic execution service in collaboration with electronic liquidity provider XTX Markets. This service will help enable Cboe FX participants to access the XTX Markets Execution Algo (‘XTX Algo’), which is designed to alleviate implementation shortfall, via the Cboe FX ECN. Cboe FX has been granted exclusive rights over use of the XTX Algo in the anonymous ECN space and this service is available for execution of the most actively traded pairs in the spot FX market, including: EUR/USD; USD/JPY; GBP/USD; AUD/USD; USD/CAD; USD/CHF; USD/CNH. Jonathan Weinberg, Head of Cboe FX, said: “As the use of algorithms become more prevalent in the spot FX market, we couldn’t be more excited to be utilizing the expertise of a best-in-class FX market maker. This service will offer greater choice and transparency to Cboe FX’s participants in how they access liquidity as they seek to improve their execution quality, demonstrate best execution and drive automation within their FX operations.” Jeremy Smart, Global Head of Distribution at XTX Markets, said: “We are excited to be working with Cboe FX to enhance the distribution of our FX Algo product, which furthers our ability to reduce the FX community’s trading cost when patiently executing larger orders.”