One of the longest established FX industry news sources, FX-MM is going to close by the end of 2017. The company cites the changing shape of the FX industry’s media coverage, and strong competition
A quarter of a century is a lifetime in the ultra-modern electronic trading industry, especially when referring to the retail sector which, compared to the long established institutional trading desks of Chicago, New York and London that have their origins in pre-industrial commodities trading, is a very new phenomenon indeed.
To have been a reporting and editorial mainstay for what is pretty much the entirety of the lifespan of today’s FX industry is a remarkable achievement.
This achievement can be reflected upon by industry news and editorial source FX-MM, which is a quarter of a century old, yet is closing down within a month from now.
The publication, which is an online resource that began with a magazine that eventually ran congruently to the website, is owned by Russell Publishing and has its editorial overseen by institutional and retail FX trading veteran Peter Garnham, its focus being to provide important news and information to bankers, corporate treasurers, fund managers, traders, brokers and technology vendors in the international financial markets.
Today, Mr Garnham has announced the end of the road for FX-MM, which, according to his memorandum to readers today, will cease to operate by the end of 2017.
“It is with sadness that I have to announce the closure of FX-MM. Over the years, FX-MM has strived to provide an essential resource for the trading, treasury and financial technology sectors” stated Mr Garnham in his correspondence today.
One of the main reasons cited for the firm’s imminent closure is that the delivery of media in this space has radically changed.
Mr Garnham wrote “Despite our many efforts to develop new products and services, the saturation of the market with alternative sources of data has become too great an obstacle.”
“Founded 25 years ago as a monthly magazine focused on the FX industry, the magazine expanded its remit to encompass all aspects of trading, treasury, financial technology and, in recent years, the constant flurry of new regulation affecting the financial sector” he stated.
Looking back on an illustrious 25 years that Mr Garnham can genuinely be proud of, he concluded “Personally I have edited FX-MM for four years, and would like to take the opportunity to thank the dedicated team that have made that possible, from our talented team of writers and editors to the wider support staff here at Russell Publishing. I would also like to thank the array of contributors and supporters from across the financial sector that have made the journey so stimulating over the past few years, and, of course, the readers, whose feedback and generosity have been so vital.”
FinanceFeeds applauds the journalistic and research orientated effort made over the course of this period by FX-MM, and wishes Mr Garnham every success in his next endeavor.
The importance of genuine and well researched reporting is critical to the advancement of the electronic trading industry, especially from sources that make the effort to research and report from within the companies in the business, and alongside the industry’s leaders and senior executives.
This, after all is how progress is made.