JPMorgan Chase is to follow erstwhile Atriax partners Citigroup and Deutsche Bank and begin providing prices to FX Connect, State Street's multi-bank electronic foreign exchange trading system.
David Puth, managing director and head of North American FX trading at JPMorgan Chase states: "We will begin live trading on the system next week. Many of our key clients have chosen FX Connect, particularly for its straight-through processing benefits."
FX Connect was the first online FX portal to launch in 1996 and, according to a recent Tower Group report, has a more than 75% share of the online FX market.
It faces competition for corporate eyeballs from independent operator Currenex, and FXall, the sole surviving multi-bank consortium following the recent closure of Atriax.