Multi-bank foreign exchange portal FXall is reporting positive cash flow in the second quarter - six months ahead of plan - on the back of surging transaction volumes.
In June, FXall says total volumes reached $223 billion, representing an average of $10.6 billion per day. In the same month, the portal traded $16 billion in a single day of trading – the largest peak volume recorded to date.
Phil Weisberg, chief executive officer of FXall, comments: "The sustained surge in volumes over the past year has enabled us not only to achieve positive cash flow, but also to accelerate our business plan. There is now a huge momentum behind FXall, and we will build on it by launching new products, move into new asset classes, and extend the benefits of automation to thousands of new users."
FXall currently lags State Street's FX Connect in daily volumes, but has moved ahead of independent portal Currenex in the provision of corporate currency services.