Matchbook FX
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| Online Foreign Exchange ECN | |
| Founded | 1999 |
| Founders | Daniel Uslander, Ron Comerchero, Josh Levy |
| Defunct | 2002 |
| Headquarters | New York, NY, US |
Matchbook FX was an internet-based electronic communication network ("ECN" or Electronic Trading Network) for trading currency online in the Spot-FX or Foreign exchange market. It operated between 1999 and 2002.
Founded in 1999, Matchbook FX (sometimes referenced as "MatchbookFX", "MatchBook FX" or "Match-Book FX") was the world's first open and inclusive internet ECN for Foreign Exchange trading, available to all willing FX trading participants including hedge funds, CTAs, banks, corporations and, uniquely at the time, retail FX traders as well.
Matchbook FX was initially conceived by Daniel Uslander, Ron Comerchero (commodity futures and equities traders) and Josh Levy (former Goldman Sachs FX trader) of the New York-based proprietary FX trading firm Valhalla Forex Inc, as well as Mark S Smith of the Florida-based equities-trading technology firm NexTrade ECN. Several months later, GlobalNetFinancial.com, a NASDAQ-traded financial news and technology firm, bought in as the third major equity partner in the three-way joint venture.
As one of the earliest providers of open-access FX e-trading, Matchbook FX received considerable acclaim for its efforts to instigate change and level the playing field in the insular, closed, clubby, and highly profitable domain of interbank Forex dealing, likely to the chagrin of the major international money center banks.
Matchbook FX was recognized in 2000 as one of Silicon Alley Reporter Magazine's "12 to Watch", its annual listing featuring top internet companies.
Prior to Matchbook FX, most FX trading was transacted mainly by phone or amongst large banks (such as Chase, Goldman Sachs, UBS, Deutsche Bank or Citibank) in the "interbank market" or by phone between large banks and their multinational corporate clients (such as IBM, Intel, Coca-Cola, etc.) or institutional clients (such as hedge funds, pensions, mutual funds and other asset managers).
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