FXall, the world's leading electronic foreign exchange liquidity destination and trading platform, together with Bank of America Merrill Lynch, today announced that Bank of America Merrill Lynch will become a clearing broker on FXall's Order Book platform.
FXall's Order Book is an anonymous over-the-counter (OTC) electronic communications network (ECN) for spot FX execution. FXall's Order Book delivers deep liquidity from diverse natural counterparty interests and gives institutional clients access to advanced trading strategies to manage their risk and control their costs of trading. Bank of America Merrill Lynch foreign exchange trading clients can now leverage integrated access to FXall's Order Book, in addition to its award-winning global multi-bank execution platform.
"Our clients are always looking for the latest tools and functionality for their foreign exchange trading strategies. We are pleased to expand our existing relationship with FXall, which is a great partner to deliver the full range of pricing and trading capabilities, including spot, swap, forward and NDF products. We believe our clients will benefit greatly from expanded access to the FXall Order Book," said Tony Dalton, Global Head of FX Prime Brokerage at Bank of America Merrill Lynch. "This offering also enables us to make our industry-leading Prime Brokerage services available to a larger number of firms in the foreign exchange market."
"We are pleased that Bank of America Merrill Lynch, one of the industry's premier market makers, which already has a strong presence on FXall, is partnering with us to expand its service capabilities for its foreign exchange clients by providing access to all our liquidity sources through their existing credit lines and clearing services," said Phil Weisberg, Chief Executive Officer of FXall. "We are continually expanding our services as our clients' strategic execution partner, to offer them the ability to trade through multiple execution mechanisms to meet their unique needs. Increasingly sophisticated institutional users are responding to the rapidly changing market structure by adapting new execution strategies and prefer venues that support numerous execution alternatives. As our clirr clients take advantage of new ways to manage their order flow and assume risk more effectively, we are here to respond to their needs."