Online FX portal Centradia shuts down

Online FX portal Centradia shuts down

Centradia, an online foreign exchange dealing platform launched by Royal Bank of Scotland, Banco Santander Central Hispano, Commerzbank, Sanpaolo IMI and Société Générale, has folded.

Fabrice Mativat, chief executive officer at Centradia, told reporters that the platform closed on 28 January but he refused to issue any further comments.

The multi-bank portal was launched in 2001 to provide online dealing services to mid-market companies, but was only available to the European client base of its member banks.

The closure of Centradia follows the failure of other currency platforms such as Atriax - a portal backed by Citibank, Deutsche Bank, JP Morgan and Reuters - which shut down in April 2002.

The shuttering of Centradia signals a continuing polarisation the online multi-bank market, between niche players offering white label-type services, and global consolidators such as FXall, which reported volume growth of more than 100% last year.

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