FXMarketSpace, the centrally-cleared, global foreign exchange platform for the OTC market, has unveiled a profit share programme that will allocate 37.5 per cent of its profit between its most active trading customers.
The JumpBall profit share programme recognises trading customers who contribute to the long term success of FXMarketSpace. It is open to bank and non-bank participants and rewards the 16 most active traders on FXMarketSpace.
Qualification for JumpBall begins on 15 January 2008 and runs until 30 September. Customers with the highest average daily volume during the qualification period will have the right to receive a share of FXMarketSpace profits for up to four years.
FXMarketSpace is already building a diverse group of customers and aims to reward the 4 most active banks and 4 most active non-bank participants with the highest percentage of profit share. An additional eight customers (both banks and non-banks) are able to participate in a smaller profit share in successive one year profit share pools.
FXMarketSpace seeks to reward both short-term and long-term participation by allocating a significant share of its profit for up to a four years and guaranteeing a minimum profit share amount for both 2008 and 2009.
Rick Sears, President and Chief Sales Officer, FXMarketSpace, says, 'During 2007 our goal has been to increase the number of customers connected to FXMarketSpace and in the eight months since launch we have added over 50 trading organisations to our platform. By introducing JumpBall, a term taken from equity trading meaning each firm is in direct competition for a piece of business, we are seeking to make our order book deeper and tighter, reward existing high-volume customers, and attract new participants.'
FXMarketSpace, a 50/50 joint venture between Reuters and CME, utilises CME's central counterparty model and clearing function, with access via Reuters premium desktop services and CME's API.