Euronext has just announced that it is rebranding its foreign exchange Electronic Communication Network (ECN) Fastmatch. The move comes just under two years after the multimillion deal was announced by the firms.
The European exchange giant is welcoming the firm to its brand identity with the Euronext FX name. A similar move was made by the CBOE after it acquired Hotspot together with BATS. The unification of the FX trading ECN’s name with its parent company is related to Euronext’s foreign exchange (FX) expansion platform.
The company stated that it is finding the move to be in line with the increased commercial intensity and brand consistency. The company also highlighted that since its acquisition, the firm has been growing consistently with the firm’s award-winning technology being matched with operational maturity.
FastMatch Name to Remain
The name FastMatch will not disappear from the FX industry, however. The parent company outlined that it will be used as the brand name of the trading technology powering Euronext FX.
The legal entity FastMatch, Inc. becomes Euronext FX Inc., while the product name FastMatch® ECN becomes Euronext FX ECN. The names DisclosedMatch, SafeMatch®, AlgoMatch, and ManageMatch, remain unchanged.
Building on the brand-awareness around the name, the company’s sales team is aiming to enable Euronext FX to acquire larger institutional clients.
Commenting on the news, the CEO of Euronext FX, Kevin Wolf, said: “This is an important milestone for our teams, which demonstrates Euronext’s commitment to further develop the FX franchise. Being part of Euronext has already helped Euronext FX grow its presence in Europe, access Euronext’s vast and diversified client base, both sell-side and buy-side, and benefit from Euronext’s reputation.”
“Under the stewardship of Euronext, we successfully launched and developed the Euronext FX Tape, an innovative centralized streaming service providing real-time trade data to market participants, and recently announced a new matching engine in Singapore to better serve our Asian customers,” elaborated Wolf.