What Euronext FX does

Euronext FX Inc. operates an institutional FX Electronic Communication Network (ECN) for spot FX, precious metals, and non-deliverable forwards (NDFs), serving banks, hedge funds, proprietary trading firms, asset managers, and brokers globally. The platform is powered by FastMatch matching engine technology — proprietary IP inherited from equities trading roots that delivers sub-25 microsecond order-to-ack and quote-to-feed latency via binary protocol. Euronext FX is a wholly-owned subsidiary of Euronext N.V. (ENX), the pan-European exchange group, having been acquired as FastMatch in 2017 and rebranded in April 2019; the Singapore subsidiary, Euronext Markets Singapore Pte. Ltd., is a MAS-licensed Recognised Market Operator.

The product set comprises three core franchises: Spot FX & Precious Metals Trading across four matching engines (NY4, London, TY3, and SG1); NDF Trading in Asian and Latin American currencies through the Singapore subsidiary and London LD4; and an FX Data Suite that includes real-time market data plus the FX Market Flow quantitative research product (650+ metrics per pair, 7 years of historical data, $23Bn ADV coverage). Differentiated technology features include FlexMatch smart order routing, Leak/Sweep Protection, Collapse-to-Mid pegged orders, P&L Protection, and Full Amount Lock In. Distribution is exclusively through FIX 4.2/4.4 and Binary protocol APIs plus the Euronext FX Trader GUI, with physical cross-connects at Equinix data centers.

The business operates a multi-stream revenue model: per-million-notional transaction fees on ECN trades (anonymous and disclosed sessions), recurring port and cross-connect fees, white-label technology licensing, and market data licensing. The customer base spans 58 bilateral counterparties on the anonymous platform, with 61.0 average daily Code signatory LPs. Euronext FX is not separately reported — revenue is consolidated within Euronext Group, which publicly trades across multiple European exchanges under ticker ENX.

Name

Euronext FX

Legal name

Euronext FX Inc.

Website

https://euronextfx.com

Company type

Private

Founded year

2012

Operating status

Operating

Headcount range

11–50 employees

Short description

Euronext FX is an institutional FX ECN for spot FX, precious metals, and NDFs, powered by FastMatch technology across four global matching engines (NY, London, Tokyo, Singapore), serving banks, hedge funds, prop traders, and asset managers.

Ownership category

akta.pro rank

Product category

Foreign Exchange Electronic Trading

NAICS

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

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200)

akta.pro primary industry

Interdealer FX Electronic Communication Networks (ECNs) (FSAFADAA)

akta.pro secondary industries

Multibank FX Trading Platforms (FSAFADAC), FX Matching & Aggregation Venues (Liquidity Aggregators) (FSAFADAH), FX Electronic Trading Platforms (Spot/Forwards/Swaps) (FSAFANAC), FX Derivatives (Forwards, Options, NDFs) (FSACADAC)

Keywords

• FX electronic trading
• Spot FX ECN
• Precious metals trading
• Non-deliverable forwards
• Market data feeds

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices7 records

Markets served

GTM type

B2B

Offering type

Software

Cost components

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

Revenue model

1. ECN Trading Fees: Transaction-based fees charged per million USD notional traded for both making (providing liquidity) and taking (consuming liquidity) on the Spot FX and Precious Metals ECN. Fees vary by session type (anonymous vs disclosed) and trading volume tiers.
2. FX Market Data Licensing: Revenue from licensing real-time and historical market data from the ECN, including Level 1, Level 5, Level 10 data, ECN Prints, All World View, and the FX Market Flow quant data product. Data available for Spot FX, Precious Metals and NDFs across all four matching engines.
3. Technology Licensing: White-label solutions offered to bank internalizers and matching engines. FastMatch technology available for licensing to third parties.
4. Port and Connectivity Fees: Monthly fees for FIX Market Data Ports, ITCH Market Data Ports, Order Entry Ports, cross-connects, and transcontinental links at data center locations.

Pricing tiers

Go-to-market motion1 record

Distribution channels5 records

Marketing channels8 records

Core offering

Euronext FX operates an institutional FX Electronic Communication Network (ECN) for Spot FX, Precious Metals, and Non-Deliverable Forward (NDF) trading, powered by the proprietary FastMatch matching engine technology. The platform runs across four global matching engines in New York (NY4), London (LD4), Tokyo (TY3), and Singapore (SG1), delivering sub-25 microsecond order-to-ack latency, anonymous and disclosed liquidity pools, and 100+ currency pairs. Complementary offerings include the FX Data Suite (Level 1/5/10, ECN Prints) and the FX Market Flow quantitative research product.

Product overview

Euronext FX operates a modular FX electronic communication network (ECN) platform comprising a core Spot FX & Precious Metals Trading product powered by FastMatch technology, an NDF Trading platform operated through its Singapore subsidiary Euronext Markets Singapore, and supplementary data/research services including the FX Data Suite and Quant Research (Market Flow). The platform connects to clients via FIX API and GUI trading interfaces, with matching engines in New York (NY4), London (LD4), Tokyo (TY3), and Singapore (SG1).

Differentiator

Problem solved

Functional benefit

Brands

• FastMatch: Award-winning technology platform powering Euronext FX ECN operations for Spot FX, Precious Metals, and NDF trading with sub-25 microsecond latency.
• Euronext Markets Singapore
• Euronext FX Trader
• ManageMatch
• FlexMatch

Products and services

• Spot FX & Precious Metals Trading Electronic communication network (ECN) for spot FX and precious metals trading powered by FastMatch technology, with matching engines in New York, London, Tokyo, and Singapore. Offers anonymous and disclosed trading sessions across 100+ currency pairs with sub-25 microsecond latency. Targeted at institutional FX liquidity providers and consumers.
• NDF Trading FX non-deliverable forward (NDF) trading platform available through the Singapore (SG1) and London (LD4) matching engines, operated by Euronext Markets Singapore as an MAS-licensed Recognised Market Operator. Supports Asian (CNY, IDR, INR, KRW, PHP, TWD) and Latin American (BRL, COP, CLP, PEN) currency crosses for institutional clients.
• FX Data Suite

Quantifiable outcome

• 86.9% last look fill rate (Skew Safe), 95.6% (Full Amount), 77.9% (Platform)
• +4 more outcomes

Named customers7 records

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration5 records

Feature9 records

Partnerships

Seven partnerships are on record, tiered core and moderate.

• BloombergcoreTechnology or Integration · 10 March 2026Euronext FX Prints (transaction data) integrated into Bloomberg BFIX reference rate, providing Euronext FX's spot and precious metals execution data to Bloomberg's global FX pricing and reference rate platform.
• Crux InformaticsmoderateTechnology or Integration · 25 February 2020Agreement to broaden delivery of Euronext FX Market Data products. Crux Informatics provides managed data delivery service enabling expanded distribution of Euronext FX market data to data suppliers.
• Traiana HarmonymoderateTechnology or IntegrationSTP (Straight-Through Processing) integration with Traiana Harmony for post-trade processing and workflow automation.
• Traiana NetlinkmoderateTechnology or IntegrationSTP integration with Traiana Netlink for post-trade connectivity and processing.
• Traiana CreditLinkmoderateTechnology or IntegrationSTP integration with Traiana CreditLink for credit-related post-trade processing.
• MarkitservemoderateTechnology or IntegrationSTP integration with Markitserve for post-trade data management and processing.
• EquinixcoreTechnology or IntegrationCo-location data center partnerships at NY4 (New York), LD4 (London), TY3 (Tokyo), and SG1 (Singapore) matching engine locations. Equinix provides the physical infrastructure for matching engine operations.

Scale indicators12 records

Recent moves8 records

Expansion highlights6 records

Broad incumbents

• Intercontinental Exchange (ICE): ICE operates regulated FX futures, OTC FX clearing and benchmark services as part of its global exchange and clearing franchise. It is comparable to Euronext FX as a large incumbent with overlapping institutional FX client base and broader multi-asset capabilities.
• CME Group: CME Group operates regulated FX futures markets (and EBS) as part of a broad global derivatives exchange portfolio. It competes with Euronext FX across listed and OTC FX, particularly for hedging and benchmark-related flows, and is a structural incumbent in institutional FX.

Direct peers

• CBOE FX (formerly Hotspot): CBOE FX operates one of the largest institutional FX ECNs, offering anonymous, disclosed and EBQ liquidity with bank, non-bank and ECN market centers. It is the most direct comparable to Euronext FX in terms of ECN-centric spot FX execution model and tier-1 bank liquidity provider relationships.
• 360T (Deutsche Börse): 360T is Deutsche Börse's FX trading platform offering multibank FX execution, NDFs and FX swaps via streaming, RFQ and ECN-style venues. It directly competes with Euronext FX for institutional FX execution, particularly in the European bank client base.
• EBS (CME Group): EBS, operated by CME Group, is a long-standing interdealer FX ECN particularly strong in EUR, JPY and CHF crosses. It is one of the legacy interdealer FX venues Euronext FX competes against for tier-1 bank flow and matching-engine-based FX execution.
• Tradeweb FX: Tradeweb offers institutional electronic FX trading across spot, forwards, swaps, NDFs and options with both streaming and RFQ protocols. It is a comparable electronic FX venue competing with Euronext FX for asset manager, hedge fund and bank client flows, particularly in NDFs.
• LMAX Exchange: LMAX Exchange is a regulated multilateral trading facility for FX, metals and indices, operating central limit order book execution with sub-millisecond latency. It directly competes with Euronext FX's FastMatch engine on speed, transparency and institutional FX ECN positioning.
• Refinitiv FXall: Refinitiv FXall (now part of LSEG) is a leading electronic FX trading platform serving buy-side institutions with multi-bank request-for-stream, request-for-quote and ECN-style execution. It competes directly with Euronext FX for institutional FX order flow and aggregated liquidity access.
• Bloomberg FXGO: Bloomberg's FXGO is a widely adopted institutional FX execution platform integrated with the Bloomberg Terminal, supporting FX trading and now incorporating Euronext FX Prints data via BFIX. It is a major competitor for institutional FX order flow and a benchmark-setting venue.

Emerging players

• FlexTrade: FlexTrade provides multi-asset execution management systems and direct market access for FX, including ECN connectivity for buy-side and sell-side clients. It is comparable as FX trading technology infrastructure rather than a venue, supporting similar institutional clients as Euronext FX.

Market position

Strengths5 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xtwitter.com/euronext
• LinkedInlinkedin.com/company/euronext

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

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 Euronext FX