FXall, the multi-bank foreign exchange trading portal has more than doubled its membership base with the addition of 17 more financial institutions as liquidity providers. The bank-backed venture has also released a demo version of its live trading system.
The new recruits include ABN Amro, Bank of Montreal, Barclays Capital, Bear Stearns, Brown Brothers Harriman, DG Bank, Erste Bank, HypoVereinsbank, ING Barings, Lehman Brothers, Mellon Bank, Lloyds TSB, The Nomura Trust and Banking Co and Scotia Capital, plus three non-disclosed banks. They bring the total number of banks on the platform to 31.
David Woods, managing director, ABN Amro, says: "Fundamental to our decision was the ease of integration to our existing platform and the speed of pricing offered by FXall. Equally important, FXall is built on market proven technology known to our customers."
FXall is building a price quotation and execution system for large corporate currency traders to compare prices and deal with banks. It faces competition from Atriax - a venture backed by Chase, Deutsche Bank and Citibank - and third party operators like Currenex and CFOWeb.
The doubling in bank numbers is matched by a similar increase in the number of corporates on the FXall customer advisory board, which rises from 13 to 27 members. FXall says their input has been crucial to the latest release of its Web site, which now features live quotes, access to research and an introduction to trading. The revamped site will serve as the foundation for the live trading system which is scheduled for release at the end of the first quarter.