FX Week reports that Thomson Reuters is set to quit the FX Options matching business. It seems that the service never really lived up to the expectations and Thomson Reuters decided to cut back on the investments.
Resources will be diverted to Eikon platform upgrade, with new trade capabilities to be offered in FX options
Thomson Reuters is to leave the FX options interbank matching business, in a strategic decision aimed at diverting more resources to the development of new post-trade services designed for the FX options market.
"While a decision has been made to exit the interbank matching business, focus and attention for FX options is now fixed on the Thomson Reuters Eikon platform. We are currently working on a new solution for FX options that will ensure we offer a service that is the best fit for this market," the company said in a statement.
The FX options matching service has been available for approximately five years, but it has never achieved the targets set by the company.
According to a source close to the group, the decision to exit the business has been considered regularly each year.
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