FX central tape to launch end of Q2, but without banks
Participants to move ahead without banks amid rising demand from end-users for transparency and cost analysis
A foreign exchange central tape (FXCT) initiative seeking to create a reference rate for the market is scheduled to go live at the end of the second quarter of 2017, following a consensus from its founding members to move the project forward as banks continue to mull their participation.
FXCT will launch with 12 participants, instead of the 16 initially planned, as the banking category is proving hard to fill. The original idea was to have four members from each section of the market – banks
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