A global transformation of the foreign exchange industry began yesterday with the launch of FXall...
A global transformation of the foreign exchange industry began yesterday with the launch of FXall, a fully automated portal for online foreign exchange dealing.
Fourteen banks and their customers have initally gone live, however, another 17 banks announced earlier this year it had agreed to act as liquidity providers on the portal, bringing the total to 48.
FXall - which is owned by 14 financial institutions - is a single internet portal which allows for multi-bank access and has the facility to view the price of currencies from several banks simultaneously.
The seamless computer-to-computer trading allows straight through processing, and also eliminates the need for confirmations and manual interventions.
With leading global banks providing liquidity, the portal is designed to aid corporate treasurers, money managers, hedge funds, central banks, and other institutional clients.
FXall ceo Phil Weisberg says the system allows any bank to join and ensures deep and broad liquidity and greater transparency.
Officials refused to disclose the likely cost of trading through FXall, however there are "multiple pricing options for customers and bankers, depending on market segments and different needs".
Those involved in the project since it's inception in June 2000 believe the portal will lead to better pricing, improved quality of information and true straight through processing, says Mehmet Ozkaya, World Bank senior financial officer.
Under the European Union's uniform regulatory directives, the SFA will be FXall's principal supervisory regulator for business in the EU.
A similar platform is being launched within the coming weeks by Atriax, which has the backing of 50 banks and Reuters.
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