May 26, 2021, 07:00 ET
— In alignment with many of the largest online brokerage firms, clearing firms and liquidity providers, FairX today announced plans to launch a new CFTC-regulated futures exchange to offer smaller, simpler, more accessible futures for active individual investors.
A wide range of firms have committed to offering FairX products at launch, including TD Ameritrade, E*Trade Financial, ABN AMRO Clearing Chicago LLC, ADM Investor Services, Advantage Futures, Dorman Trading, StoneX, Wedbush, Virtu Financial and XTX Markets. Nodal Clear, part of EEX Group, which is in turn part of Deutsche Börse Group, will provide clearing services to FairX.
Launching in June, FairX will offer low-cost, around-the-clock trading access to the most liquid asset classes in the global futures industry. FairX will have an initial product slate that includes futures on the Bloomberg US Large Cap Index, tracking the largest 500 companies by market cap, the Bloomberg US Dollar Spot Index, tracking the value of the U.S. dollar against a basket of international currencies, as well as the SuperTech Index, tracking 15 of the largest and most actively traded companies engaged in high-growth technology, media and manufacturing industries.1
FairX CEO Neal Brady said: “We’re delighted to work with many of the industry’s leading firms to offer a futures trading venue designed to meet the needs of the global retail futures trader. FairX aims to democratize access to futures and options on futures by delivering superior products, seamless access and dramatically lower exchange costs to the active retail trading community.”
“As investors in FairX and strategic contributors to the platform, we believe the FairX offering will provide attractive product and execution alternatives to our global clients,” said J.B. Mackenzie, Managing Director at TD Ameritrade Futures & Forex, LLC. “We look forward to working with the FairX team to expand the retail futures landscape.”
“As a leading U.S. clearing house across an expanding range of asset classes, we’re excited to work with FairX to serve the needs of the global retail trading community by providing reliable, virtually around-the-clock clearing and settlement services,” said Paul Cusenza, Chairman & CEO of Nodal Clear.
FairX has closed multiple financing rounds led by Hyde Park Venture Partners with participation from Battery Ventures, Limerick Hill, LLC, TD Ameritrade, Virtu Financial and XTX Ventures.
FairX™ was founded in collaboration with leading online brokers to meet the needs of the global retail investor. FairX is a trademarked operating name of LMX Labs, LLC, the legal entity registered as a Designated Contract Market (DCM) regulated by the U.S. Commodity Futures Trading Commission (CFTC). The exchange clears through Nodal Clear, a Derivatives Clearing Organization (DCO) and part of EEX Group, which is in turn part of Deutsche Börse Group.
1 All products are subject to regulatory review.