Cboe FX Launches Hosted Algo Service with XTX

Cboe FX Markets announced the launch of a hosted algorithmic execution service in collaboration with electronic liquidity provider XTX Markets. According to a story in MarketsMedia news, 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. Cboe FX participants can access the XTX Algo on an anonymous or disclosed basis via the Cboe FX ECN using their existing Cboe FX technology and legal arrangements. They will also be able to utilize the credit infrastructure of Cboe FX, which offers easy access to the XTX Algo and its Transaction Cost Analysis (TCA) capabilities. This service will initially be available through the Cboe FX API in its New York-based matching engine, with a planned expansion to London, based on customer demand.