ING Barings to provide online FX to CFOWeb Internet portal
19 June 2000 | 3325 views | 0
ING Barings is to provide foreign exchange products online for California-based business-to-business e-commerce portal CFOWeb.com.
CFOWeb, created by Silicon Valley company Integral Development, claims to have signed up to 2500 major corporations as members who post requests for FX prices from participating bank providers. In addition to trading, the site is designed to offer members a range of specialist services - including research, and portfolio and risk management - to create a financial markets 'one-stop-shop'.
"Although initially ING Barings plans to offer only FX products on-line, there is the potential to expand our presence into other key areas in the future, for example derivatives and fixed income," says Mark Fisher, global head of FX sales and trading, ING Barings.
Richard Burrell, ING Barings' global head of e-business, adds: "As well as giving us an immediate on-line presence, our participation in an operation such as CFOWeb.com offers us access to an increased number of clients. "
ING Barings joins Bank of America, BNP Paribas, Standard Chartered, AIG International and ABN Amro who are also involved with the venture in a similar capacity.