FMX

What FMX does

FMX Holdings, LLC operates a multi-asset electronic trading platform serving institutional clients across U.S. Treasury, interest rate futures, foreign exchange, and repo markets. The platform combines five sub-brands — FMX UST, FMX FX, FMX Futures Exchange, FMX Repo, and FMX NDF — under a single corporate umbrella, and is positioned as a challenger to incumbent venues Bloomberg, Tradeweb, and CME. The core technology is a proprietary ultra-low latency matching engine with 99.999% uptime, deterministic execution, hot-to-hot failover, and global infrastructure spanning NY4, LD4, and SG1 data centers; FMX states the platform represents over $200 million of technology investment and ~200 person-years of development, backed by 8 granted U.S. patents covering electronic trading across UST, futures, repo, NDF, and FX.

FMX targets banks, broker dealers, proprietary trading firms, and institutional investors through direct enterprise sales teams based in New York, London, and Frankfurt. Connectivity options include GUI, FIX API, and Binary API with STP integration, supporting 24/5 electronic trading. The FMX Futures Exchange (a separate operating subsidiary, FMX Futures Exchange, L.P.) received CFTC approval in January 2024, launched SOFR futures in September 2024 with clearing at LCH, and added 2-year and 5-year U.S. Treasury Note Futures in May 2025. SOFR futures are offered without transaction fees until September 2025 as a liquidity-seeding promotion.

FMX generates revenue through transaction fees across its UST, FX (Spot and NDF), repo, and futures venues, with quote-based institutional pricing. The company is a private operating subsidiary of BGC Group, Inc. (NASDAQ: BGCP), capitalized in April 2024 with a $172 million investment from ten leading global investment banks and market makers. Revenue is not publicly disclosed; the free-futures pricing period and challenger market position indicate the company is in an investment and share-gain phase rather than peak monetization.

Name

FMX

Legal name

FMX Holdings, LLC

Website

https://www.fmx.com/

Company type

Private

Founded year

2021

Operating status

Operating

Headcount range

51–100 employees

Short description

FMX is a private, multi-asset electronic trading platform (U.S. Treasuries, futures, FX, repo, NDF) serving banks, broker dealers, proprietary trading firms, and institutional investors via an ultra-low latency matching engine, with global sales coverage in New York, London, and Frankfurt.

Ownership category

akta.pro rank

Product category

Electronic Trading Platform / Capital Markets Exchange Technology

NAICS

Securities and Commodity Exchanges (523210), Securities and Commodity Contracts Intermediation and Brokerage (5231), Commodity Contracts Intermediation (52316)

SIC

Commodity Contracts Brokers & Dealers (6221), Security Brokers, Dealers & Flotation Companies (6211)

akta.pro primary industry

Listed Derivatives Execution Platforms (Futures/Options) (FSAFANAD)

akta.pro secondary industries

FX Electronic Trading Platforms (Spot/Forwards/Swaps) (FSAFANAC), Bond RFQ & Request-for-Stream Platforms (FSAFACAG), FX Swaps & Forwards Trading Venues (FSAFADAG)

Keywords

• Electronic trading platform
• U.S. Treasury trading
• Interest rate futures
• FX spot trading
• Repo trading marketplace

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2B

Offering type

Software

Cost components

Technology or R&D, Personnel, Infrastructure, Marketing or Sales, Operations

Revenue model

1. Futures Trading Fees: Transaction fees for SOFR futures and U.S. Treasury futures trading on FMX Futures Exchange. The exchange offers no transaction fees until September 2025 for SOFR futures contracts.
2. UST Electronic Trading: Fees from electronic trading of U.S. Treasury securities through the FMX UST platform with tight tick sizes and binding, fully anonymous execution.
3. FX Trading: Revenue from ultra-low latency execution of Spot FX and NDF trading, offering liquidity in over 55 Spot pairs, Metals, Off-SEF NDFs and Full Amount Trading.
4. Repo Trading: Fees from fully electronic marketplace for Repo trading with multiple forms of electronic connectivity.

Pricing tiers

Go-to-market motion2 records

Distribution channels1 record

Marketing channels3 records

Core offering

FMX operates a suite of institutional electronic trading platforms enabling execution in U.S. Treasuries, Spot FX, non-deliverable forwards (NDFs), SOFR and U.S. Treasury futures, and Repo markets. The platforms connect 125+ banks, broker dealers, proprietary trading firms, and institutional investors through a central limit order book with ultra-low latency, deterministic matching, and 99.999% uptime. Trades in futures are cleared at LCH, providing cross-margining benefits, and connectivity is supported via GUI, FIX API, and Binary API.

Product overview

FMX Holdings operates a multi-product electronic trading platform ecosystem consisting of FMX UST (U.S. Treasury electronic trading), FMX FX (Spot FX and NDF trading), FMX Futures Exchange (SOFR and Treasury futures), FMX Repo (electronic repo trading), and FMX NDF (non-deliverable forwards). The company combines these platforms under FMX Holdings with state-of-the-art trading technology, ultra-low latency execution, and global infrastructure designed for speed and scalability, offering electronic trading across the largest global markets including cash Treasuries, repo, foreign exchange, and interest rate futures.

Differentiator

Problem solved

Functional benefit

Brands

• FMX UST: Efficient trade execution in U.S. Treasury rates with a central limit order book, connected with 125+ banks, broker dealers, PTFs, and institutional investors.
• FMX FX
• FMX Repo
• FMX NDF

Products and services

• FMX UST Electronic trading platform for U.S. Treasury securities providing efficient trade execution in a highly transparent central limit order book environment, with connectivity to 125+ banks, broker dealers, proprietary trading firms, and institutional investors.
• FMX FX Single point of access for ultra-low latency execution of Spot FX trading with deep, multichannel and configurable liquidity pools, offering liquidity in over 55 Spot pairs, Metals, and Full Amount Trading.
• FMX Futures Exchange CFTC-regulated U.S. exchange for SOFR and U.S. Treasury futures, with trades cleared at LCH providing integrated cross-margining benefits. World-class marketplace for interest rate futures offering binding, fully anonymous execution.
• FMX Repo Fully electronic marketplace for Repo trading supporting multiple forms of electronic connectivity including GUI and FIX API, with existing connectivity to major third-party vendors for OMS/EMS and STP integration.
• FMX NDF Non-deliverable forward trading platform providing easily accessible liquidity for institutional clients, provided anonymously in the central limit order book or via private rooms with all forms of electronic connectivity supported. Matching engines located in NY4, LD4, and SG1.

Quantifiable outcome

• 99.999% uptime
• +2 more outcomes

Named customers4 records

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Two partnerships are on record, tiered secondary and core.

• Coalition Greenwich (a division of CRISIL)secondaryStrategic or Co-development Partner · 16 October 2024Coalition Greenwich published an informative white paper, 'The Portfolio Margining Imperative for Interest-Rate Derivatives,' exploring the benefits FMX Futures Exchange will provide for the U.S. interest rate futures landscape, including margining optimization benefits.
• LCH (London Clearing House)coreTechnology or Integration · 23 September 2024FMX Futures Exchange partnered with LCH, a leading global clearing house holding the world's largest interest rate swaps clearing pool. Trades are cleared at LCH offering integrated futures cross-margining benefits for market participants to clear their swaps in one place.

Scale indicators5 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• MarketAxess: MarketAxess operates electronic trading platforms for fixed income (U.S. Treasuries and credit), directly overlapping with FMX UST in the institutional electronic rates market.
• CME Group: CME runs the dominant U.S. interest rate futures franchise, including SOFR futures, which is the same contract FMX Futures Exchange launched against. CME also operates FX venues (EBS) directly overlapping with FMX FX.
• Tradeweb Markets: Tradeweb operates leading electronic marketplaces for U.S. Treasuries, repo, and derivatives — the exact same asset classes as FMX UST and FMX Repo. It is the most direct incumbent competitor in cash UST electronic trading.
• CBOE Global Markets: CBOE runs a derivatives exchange complex (interest rate and equity index futures/options) competing for institutional flow that FMX Futures Exchange is targeting.
• Intercontinental Exchange (ICE): ICE operates competing U.S. Treasury and interest rate futures exchanges plus OTC interest rate platforms, overlapping directly with FMX Futures Exchange and FMX UST verticals.
• Bloomberg: Bloomberg's terminal-integrated electronic trading for U.S. Treasuries is cited by FMX itself as a primary incumbent. Its FIT platform competes head-on with FMX UST for institutional cash Treasury flow.

Broad incumbents

• Deutsche Börse: Deutsche Börse's Eurex exchange lists Euro and U.S. interest rate futures that compete with FMX Futures Exchange, and its Frankfurt presence overlaps geographically with FMX's German sales office.
• LSEG (London Stock Exchange Group): LSEG owns Tradeweb (UST electronic) and Refinitiv FX (formerly FXall/EBS), making it a broad incumbent across the UST, repo, and FX asset classes where FMX operates. Also serves as FMX's clearing partner via LCH, a dual relationship.

Emerging players

• Trad-X (MarketAxess): Trad-X operates a hybrid RFQ/streaming platform for credit and rates that overlaps conceptually with FMX's quantitative-driven liquidity and anonymous execution approach in OTC rates markets.

Others

• BGC Group: BGC Group is the publicly-traded parent of FMX and operates Fenics UST/FX/Repo/NDF, which were folded into the FMX brand. It is not a competitor per se, but the upstream sponsor and shared infrastructure.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/bgc-group

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Subsidiaries1 record

Funding overview

Funding rounds1 record

Investors10 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about FMX