French banks Credit Agricole and BNP Paribas have joined the board of multi-bank foreign exchange portal FXall.
The bank-backed corporate currency exchange has announced the addition of Crédit Agricole Indosuez as an equity partner, and an increased investment by existing equity partner, BNP Paribas. FXall now has 15 equity partners.
Bassem Snaije, global head of FX and FX options at Crédit Agricole Indosuez says the bank evaluated various investment opportunities in the foreign exchange portal market and chose FXall because of its fully operational straight-through processing system. "FXall provides superior functionality, best execution, and substantial cost savings,” he says.
Loic Meinnel, global head of foreign exchange at BNP Paribas adds: “Since the launch of FXall in May this year, more and more of our customers are trading on the platform."