SURFACExchange operates a fully electronic, completely anonymous multi-lateral trading platform for OTC foreign exchange (FX) options for institutional clients.

See it work request demo

FX options ECN

SURFACExchange is the world's first fully electronic, completely anonymous central limit order book for foreign exchange (FX) options for institutional clients. SURFACExchange has been created to empower a marketplace and make trading of FX options more efficient and accessible to all. In compliance with Dodd-Frank, SURFACExchange represents the next generation of FX options trading.

With operations across the United States and Europe, the SURFACEwave graphical user interface (GUI) and SURFACEstream FIX 4.4 based Application Program Interface (API) offer institutional users globally sourced price discovery, liquid and bespoke trading strategies, transaction anonymity, and straight-through processing of all transactions hosted on the SURFACExchange platform.

Clients can access the liquidity on the SURFACEwave platform through Citibank Prime Brokerage, our central clearer, or any of the participating Prime Brokers.

SURFACExchange is committed to driving a vibrant and equal opportunity marketplace. The SURFACExchange vision is one of ongoing global growth, innovative product development, continually enhanced technology, and the highest level of service available.


Fully Electronic

Trade FX options electronically from order creation through settlement. All stages of an option's life cycle are handled electronically, even expiration.

Completely Anonymous

Anonymity is guaranteed throughout the full trade life cycle. The identity of the participant is never disclosed in our multi-lateral trading model. Our central clearing model is the cornerstone of our trading platform and facilitates anonymity.

Open to all

The liquidity on the platform is accessible to all market participants and participants can trade with any other participant. Every user can work a bid or an offer in the central limit order book. On SURFACExchange, everyone can market-make and market-take.

Electronic Exercise

Our patent-pending electronic expiration module brings great operational efficiency to the whole expiration process. Our anonymous communication mechanism delivers all messages to the different counterparties instantaneously upon exercise.

Straight-through-processing (STP)

Post trade, all details are immediately transmitted to all counterparties.


Developed before Dodd-Frank was written, our multi-lateral trading model is compliant with the regulatory changes poised to hit the FX Options marketplace.