25 March 2017
Visit EBAday.com

End of the road for Atriax

05 April 2002  |  9532 views  |  0 End of the road for Atriax

Multi-bank foreign exchange portal Atriax is to cease operations after seventeen months of trading, following unsuccessful merger discussions with other platforms.

In a smart piece of news management, Atriax quietly slipped news of its demise to the London marketplace late on a slow Friday afternoon. An independent company, Atriax had been backed by Citibank, Deutsche Bank, JP Morgan and Reuters. Despite having gained over seventy member banks, it appears Atriax could see no future for itself.

The portal, which was established to facilitate electronic trading of foreign exchange between banks and clients, says client feedback indicated they wanted to access all their banks' liquidity through a single point.

According to its own announcement, Atriax had been exploring several strategic options to enhance liquidity, including merger with other platforms, but failed to agree a suitable deal. It was also unable to identify any workable alternative that would secure its long-term survival.

The platform will be kept open for a short period of time so that Atriax's clients can transition to other sources of liquidity, including bank proprietary systems and other e-marketplaces.

Citibank, one of the four founder members of Atriax alongside JPMorgan Chase, Deutsche Bank and Reuters, is expected to join rival multibank venture FXall later this week. JPMorgan Chase already has a stake in FXall, while Deutsche Bank is expected to direct liquidity towards the portal.

The collapse of Atriax leaves FXall with a free run at independent operator Currenex and State Street's FX Connect operation.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

FXall automates full deal lifecycle

FXall automates full deal lifecycle

19 March 2002  |  4163 views  |  0 comments
Merck joins Atriax advisory board

Merck joins Atriax advisory board

22 February 2002  |  3219 views  |  0 comments

Related blogs

Create a blog about this story (membership required)
visit abe-eba.euVisit capgemini.com

Top topics

Most viewed Most shared
French retailer Carrefour launches online bank accountFrench retailer Carrefour launches online...
57163 views comments | 15 tweets | 35 linkedin
European Commission opens public consultation on fintechEuropean Commission opens public consultat...
8759 views comments | 42 tweets | 25 linkedin
Can banks really win in the payments business of the future? – new Finextra reportCan banks really win in the payments busin...
8575 views comments | 23 tweets | 37 linkedin
Westpac wants to take over your messaging keyboardWestpac wants to take over your messaging...
7100 views comments | 4 tweets | 10 linkedin
SecureKey taps IBM to put identity on the blockchainSecureKey taps IBM to put identity on the...
7036 views comments | 22 tweets | 15 linkedin

Featured job

Six Figure Base + Commission + Stock Options
London

Find your next job