Phil Weisberg, CEO of FXall, comments: "FXall has today switched from being a fascinating concept into a cutting-edge, viable reality."

FXall was announced on 6 June 2000 as a bank-backed rival to corporate treasury portal sites established by start-ups such as Currenex and the now defunct CFOWeb, offering customers a one-stop portal for foreign currency trade execution, access to research and straight through processing. Atriax, a rival portal established by Deutsche Bank, Citibank and Chase Manhattan, is also priming for launch.

The fully automated FXall system includes:
* a single portal, allowing for easy multi-bank access;
* facility to view bank prices simultaneously, tracking market moves in real-time;
* easy, fast execution through seamless computer-to-computer trading; straight through processing, eliminating the need for confirmations and manual interventions;
* leading quality research and analysis;
* superior functionality, allowing for complex trade requirements such as grossing, netting and allocating;
* portfolio management tools enabling execution of entire portfolios of trades; and
* 24-hour access to a multi-lingual support centre.

The UK Securities and Futures Authority has granted FXall final authorisation to conduct business in the UK. Under the European Union's uniform regulatory directives, the SFA will be FXall's principal supervisory regulator for business in the EU.

FXall reports 17 more banks have signed letters of intent to act as liquidity providers on the portal, bringing the total number of liquidity providers at FXall to 48. In addition, The World Bank has agreed to sit on the Customer Advisory Board of FXall.

Mehmet Özkaya, senior financial officer at The World Bank, says: "FXall will enable us to reap the many benefits that online trading will bring, including better pricing, improved quality of information and true straight through processing."

Greg Bromberger, senior treasury manager at Cisco Systems says of the FXall solution: "It is a fully automated portal with quick and competitive pricing, cutting-edge tools and leading quality research. This is a comprehensive solution that will be of great use to foreign exchange customers around the world."

Weisberg continues: "This is just the beginning: as the roll-out continues, FXall’s system will greatly benefit the industry as a whole. The open set-up of our model allows any bank to join and will ensure broad and deep liquidity, greater transparency, and tighter spreads."