LoopFX Launches with First Live Trades on State Street’s FX Connect
LoopFX, a London-based startup, has officially launched its peer-to-peer FX spot trading network. The platform has gone live within State Street’s FX Connect.
What is LoopFX?
LoopFX is a peer-to-peer trading platform for large FX spot trades. It lets banks and asset managers match trades at the mid-rate without disclosing trading intent. The company minimizes market impact for big transactions by using a dark pool matching engine. LoopFX is based in London and operates independently. It secured £2.6 million in funding from Augmentum Fintech Plc to build and scale its solution.
About the Official Launch
LoopFX has officially gone live. It is integrating directly into State Street’s FX Connect, a widely used institutional execution platform. The platform has successfully processed its first client trades using real market risk. The key innovation lies in its real-time, anonymous matching engine. It enables mid-rate matching of offsetting interest in a dark pool. The platform has proven its technology in live market conditions.
Industry Adoption
LoopFX is gaining traction among major institutions. It has signed agreements with 15 asset managers and banks. Clients already using the platform include Schroders, Royal London Asset Management, RBC Capital Markets, and State Street Investment Management. These early adopters represent a cross-section of leading players in the institutional FX space.
Leadership and Backing
Blair Hawthorne, Tim Johnson, and John Vause have founded LoopFX. All three have extensive experience in FX markets, including roles at Aberdeen, CME, 360T, American Express, and State Street. The company is backed by an experienced board. Members include John Sievwright (Merrill Lynch, Burford), Martin Gilbert (Aberdeen, Revolut), Tim Levene (Augmentum), Ivan Ritossa (Barclays Capital), Mike Soutar (UK Government’s Board of Trade), and Tim Ewington (Shortlist Media).
Benefits of LoopFX Launch
This launch will offer these benefits:
Large Trades Without Market Distortion
LoopFX lets traders match large FX orders at the mid-rate. It reduces price slippage. It helps preserve trade value and avoids moving the market.
Protect Trading Intent
The platform’s dark pool structure ensures anonymity. Traders can execute without revealing their strategy. It minimizes the risk of front-running.
Access High-Quality Liquidity
LoopFX gives access to institutional-grade liquidity by connecting to State Street’s FX Connect. It increases the chances of matching trades efficiently.
Improve Execution Speed and Precision
Real-time matching within existing workflows means traders can act quickly and accurately. There’s no need to adjust or leave the execution platform.
Streamline Trade Operations
LoopFX is embedded in FX Connect. So, users avoid complex setups or new integrations. It makes it easy to start using the solution with minimal disruption.
Summing Up
LoopFX’s official launch marks a shift in how large FX trades are executed. It brings a new method that reduces market impact and preserves anonymity.
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