FXall at 25: A legacy of innovation in FX trading
Twenty-five years ago, two traders executed the very first trade on a new platform – one that would go on to transform FX markets. That platform was FXall.
What began as a bold idea backed by seven leading global banks has grown into a cornerstone of modern FX workflows. This year, after 25 years of continued product innovation in lock step with the evolving needs of the market, FXall remains at the heart of the global FX community – trusted for transparency, efficiency, and deep liquidity.
The FX platform for all
FXall went live in 2001, delivering bespoke workflows that gave every client—from corporations to hedge funds, asset managers, and banks—seamless access to liquidity and streamlined execution.
Its workflow-first design resonated across the institutional FX community, helping clients simplify execution, improve price discovery, and automate post trade processes. By the early 2000s, FXall had become a key part of the digital transformation underway in global FX, built on a bold promise: better pricing, deeper liquidity, and seamless post-trade integration.
Momentum builds
Over the following years, clients increasingly turned to FXall not only for spot FX, but also for forwards, swaps, NDFs, and precious metals trading — including gold and silver — all accessed through its expanding electronic workflows. The platform’s multi year recognition by Euromoney as Best Multibank and Independent Platform highlighted FXall’s growing reputation and the trust it earned across corporations, asset managers, hedge funds, and banks alike.
An IPO and a new era
In 2012, FXall reached another defining moment with its IPO on the New York Stock Exchange. The company was floated on 9 February, under the ticker symbol ‘FX’, following the pricing of its IPO of 5.2 million shares at $12 per share. Just months later, Thomson Reuters acquired FXall for $625 million, integrating the platform into a broader ecosystem of data, analytics, and post-trade services.
Committed to the highest regulatory standards
As the FX market evolved, so did FXall. The platform formally signed up to the FX Global Code of Conduct, reinforcing its long standing commitment to transparent, fair, and responsible trading practices.
Launched in 2013, LSEG’s Swap Execution Facility is regulated by the US Commodity Futures Trading Commission and allowed participants to trade NDFs and FX Options electronically through multibank request-for-quote liquidity.
FXall expanded its regulated venue footprint to support clients’ execution and reporting obligations with the launch of its EU Multilateral Trading Facility (MTF) — a regulated environment operated in Ireland that allows clients to trade FX forwards, swaps, NDFs, and options under MiFID II supervision. Following the UK's departure from the EU, a UK MTF was also introduced, authorised and supervised by the Financial Conduct Authority, ensuring uninterrupted regulated access for UK‑based and international clients.
Making more possible at LSEG
The acquisition of Refinitiv by LSEG in 2021 marked the beginning of FXall’s latest chapter. Since then, FXall has expanded its capabilities with the release of Order Splitting, the launch of Forward First Fixings, integration with TORA’s multi-asset OEMS, enablement of seamless trade reporting directly to LSEG Trade Repository, connectivity to LCH ForexClear for NDF clearing, and through partnering with Tradeweb on a new cross-asset digital solution. Enhanced regulatory reporting has further streamlined client experiences, while ongoing technology modernisation ensures FXall remains at the forefront of trusted FX market infrastructure.
The future of end-to-end FX workflows
As FXall becomes part of the LSEG Workspace experience, corporations, asset managers and hedge funds will gain a truly seamless, end‑to‑end FX trading environment – bringing market monitoring, price discovery, analytics – and execution on FXall – together in one interoperable platform. With real‑time data, smarter pre‑ and post‑trade tools, and frictionless workflow connectivity, Workspace with FXall empowers traders to act faster, make better‑informed decisions, and manage risk with greater confidence.
Useful links
Here’s to 25 years of progress – and the future of FX trading we’re building together
From its origins as a pioneering multi-dealer portal to its role today as a global leader in FX trading solutions, FXall’s journey reflects a deep commitment to innovation, client success, and the global FX market. As we celebrate 25 years, we thank our clients, partners, and colleagues for their trust and collaboration. Together, we look forward to shaping the next era of FX trading with you.
25 YEARS OF
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