JPMorgan Chase joins FX Connect

JPMorgan Chase joins FX Connect

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.

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