FXall says volumes ahead of business plan

FXall says volumes ahead of business plan

Bank-backed currency trading portal FXall says it crossed the $9 billion daily volume threshold on a single day in December on the back of a surge in client take-up.

Phil Weisberg, chief executive officer of FXall, says the figures put the portal "significantly ahead" of its business plan.

The spike in volumes follows December's announcement that FXall has added four new banks - Commonwealth Bank of Australia, Fortis Bank, SvenskaHandelsbanken and WestLB - to its roster, bringing the total number of banks on the system to 43 and pushing the total number of clients over the 400 mark.

FXall's previous daily volume record was set on a single day in October when the portal passed $5 billion in trades.

FXall, like its competitors, does not release average daily volume figures. A survey by research house ClientKnowledge published in November suggested FXall was lagging Currenex and State Street with an average $3 billion in daily trading volumes.

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