Participating Financial Institutions

Cboe FX's partner Participating Financial Institutions (PFIs) are fully integrated into the Cboe FX marketplace as dealers, clearing banks, and/or FX prime brokers extending credit to institutional clients. This extensive network of the foreign exchange market's top banks facilitates direct market access for bank and non-bank participants alike. Anonymous order book trading is achieved via a single credit and operational counterparty – the trading participant's designated PFI.

Clients may also access the Cboe FX ECN via other FX brokers. These brokers maintain omnibus accounts with a Cboe FX PFI, further extending their credit lines to participants that may not desire or qualify for a direct PFI line.

Bilateral pre-trade credit checks and dynamic risk management contribute to a stable, orderly marketplace, while Cboe FX's fully integrated post-trade services provide seamless straight-through-processing.