Six more financial institutions have signed up with the bank-backed multi-dealer foreign exchange service 'FXall'. The FX Alliance banks aim to offer large corporates one-stop access to a range of foreign exchange services ranging from execution to research.
The new recruits are: Bank of Tokyo-Mitsubishi, BNP Paribas, Dresdner Kleinwort Benson, Royal Bank of Canada, Royal Bank of Scotland and Westpac Banking Corporation. These six firms join the initial seven FXall participants: Bank of America, Credit Suisse First Boston, Goldman Sachs, HSBC, J P Morgan, Morgan Stanley Dean Witter and UBS Warburg.
"The addition of these leading global financial institutions to FXall is strong validation of the concept of an inclusive service benefiting the largest possible spectrum of the global FX market," comments Philip Weisberg, FXall interim CEO.
FXall is a bank-backed rival to corporate treasury portal sites established by start-ups such as Currenex and CFOWeb. The idea is to provide corporates with a single point of entry for price discovery and trade execution from competing banks in the $1.4 trillion daily FX market.
FXall is scheduled for launch in the third quarter.