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FXCH Ltd. (the FX Clearing House) is a Dublin-headquartered blockchain startup, founded by a team of institutional FX veterans looking to fill the gap left by major banks pulling out of the FX prime brokerage market. On Friday it cleared the first ever Institutional Spot-FX transaction using a distributed ledger for settlement.
At the newly established Clearing House, members can submit trades transacted on any institutional FX platform to be cleared and settled by FXCH. Focusing at first on non-bank participants, the firm explains that it aims to solve the counterparty trust problem by organising the governance of its member-based clearing organisation with rules, a ... (read more)