Auerbach and Crossbordex float international broker dealer network

Auerbach and Crossbordex float international broker dealer network

New York securities firm Auerbach Grayson has teamed with Cross Border Exchange Corp (Crossbordex) to launch a multilateral Internet-based electronic trading system for broker dealers worldwide.

Called Axes, the member-owned electronic cross-border trading platform will be used to deliver round-the-clock trading for broker-dealer members of Auerbach Grayson's international network, with member firms in 82 countries.

By operating on a multilateral basis, Axes will allow each member firm to become a global broker in its own country. Until now, the Auerbach Grayson network has operated on a unilateral basis, on behalf of US-based institutions trading in the international markets.

All Axes network members will own equity in the venture, to be formally known as Axes Holdings, as well as have an exclusive license to operate Axes in their own countries. The system will be ready for implementation in 2003.

David Grayson, Axes director and managing director of Auerbach Grayson, states: "This is a timely opportunity to implement an Internet-based global solution for international trading. Axes will greatly enhance the efficiency of cross-border order entry, trade execution and settlement, helping to relieve the stresses caused by ever-increasing international trading volumes."

He says Axes will aim to serve all the major markets around the world as well as connecting most of the emerging markets such as Argentina, Botswana and Thailand.

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