California-based capital markets platform FinancialOxygen has signed up six new institutions to its online trading hub, BankOxygen, including Citibank, KeyBank, National City, LaSalle Bank and Dresdner Kleinwort Benson.
The institutions join Bank of America and JPMorganChase in providing capital markets products to mid-size institutions over the BankOxygen platform. The new recruits are initially providing bids for Fed Funds.
In addition to Fed Funds, BankOxygen currently offers repos, money market securities, and commercial paper and will soon be rolling out other fixed income products. The trading hub currently transacts more than $1.4 billion a day.