OneChronos has launched a new spot foreign exchange trading venue, marking the firm’s first expansion beyond equities.
Kelly Littlepage
Specifically, the firm is introducing its optimisation-based Smart Market model to global currencies – allowing participants to express interest across multiple currency pairs within a single auction cycle and clear orders through a coordinated optimisation process.
OneChronos FX leverages proprietary combinatorial auction technology, assessing all eligible orders collectively during each auction cycle and determining a single clearing outcome under a defined objective function.
According to the firm, this multilateral approach surfaces trading opportunities that continuous or bilateral structures may miss, while aiming to improve pricing and reduce information leakage across related positions.
“Our goal is to bring the benefits of auctions to spot FX in a way that fits how firms already trade,” asserted Blaise Sheppard, head of FX at OneChronos.
“We’ve proven in equities that multilateral auctions can improve pricing and reduce information leakage. Our new FX platform builds on those principles and extends the same approach to currency markets to improve execution quality.”
The move follows the successful deployment of the model in US equities via sister company OneChronos Markets in 2022.
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The platform is designed to integrate with existing trading infrastructure, letting participants access the venue through established FX workflows and extend execution logic across currencies and asset classes without introducing operational complexity.
Kelly Littlepage, chief executive and co-founder of OneChronos, said: “FX is the connective tissue of global markets – making it both a natural proving ground for combinatorial auctions we’ve validated in the US equities and a foundational step toward that broader vision.”