FXMarketSpace, a joint venture between Reuters and the Chicago Mercantile Exchange, received a boost in July when several large banks, hedge funds, and trading firms signed up to participate. Banks such as ABN Amro, Merrill Lynch, and UBS and managed money firms such as Citadel and Penson have all agreed to join the venture, which is intended to become the first centrally cleared electronic marketplace for spot currency trading. FXMarketSpace is scheduled to launch in 2007, with testing to begin later this year.
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