(Bloomberg) --

London Stock Exchange Group Plc is closing derivatives exchange CurveGlobal Markets in a retreat from a market dominated by rivals in the U.S. and Europe. 

The platform for interest-rate derivatives will shut on Jan. 28, according to a market notice posted on its website on Tuesday. Some contracts with no open interest are suspended immediately and certain trading hours will be shortened.

The venture, which debuted in 2016 with the backing of a consortium of banks and the Chicago Board Options Exchange, was designed to compete with Frankfurt-based Deutsche Boerse AG and Intercontinental Exchange Inc.  

But it struggled to gain traction and required additional funding from its investors. LSEG’s annual report recorded an operating loss of 4 million pounds on the project last year. The group is entering a new era where the majority of its revenues come from data after completing the acquisition of Refinitiv earlier this year.

“CurveGlobal Limited has announced that, following a strategic review of the business, the decision has been taken to wind down the company,” said LSEG, which owns a 44% stake in CurveGlobal. “We encourage member firms to trade out of open positions ahead of the final trading day.”

The Financial Times reported the notice earlier. Bloomberg LP, the parent company of Bloomberg News, competes with Refinitiv in providing financial news, data and information.

(Updates with LSEG comment in fifth paragraph.)

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