Trading Platform to Provide Advanced Functionality Utilizing Market Proven Technology
New York, Jan. 22, 2001 – FXall, the global electronic FX (foreign exchange)trading portal, announced today the addition of 17 respected global financial institutions to its growing base of liquidity providers. These institutions further increase FXall's diversity, client and market knowledge, product expertise and liquidity.
FXall is built on the market proven technology powering the FX trading systems of many of the world's leading banks. The first release will include advanced functionality designed to simplify the trading process for clients with complex dealing requirements such as asset managers, fund managers, and multinational corporations.
David Woods, Managing Director, ABN AMRO, said: "Fundamental to our decision was the ease of integration to our existing platform and the speed of pricing offered by FXall. Equally important, FXall is built on market proven technology known to our customers."
The institutions that have recently joined FXall include:
ABN
AMRO
Bank of Montreal
Barclays Capital
Bear Stearns
Brown Brothers Harriman
DG Bank AG
Erste Bank
HypoVereinsbank
ING Barings Limited
Lehman Brothers
Mellon Bank
Lloyds TSB
The Nomura Trust and Banking Co., Ltd.
Scotia Capital
3 Non-disclosed banks
Phil Weisberg, CEO, FXall, said: "I am delighted to welcome these new members to FXall. We continue to welcome additional members to FXall and do not place any restrictions on their ability to join other platforms. I believe that our functionality and technology leadership will ensure that FXall will become the portal of first choice for those seeking Straight-Through Processing solutions for sophisticated trading requirements."
The continued expansion of its institutional membership reflects FXall's determination to create an open and inclusive environment to enable all market participants to gain from the efficiencies provided by electronic FX trading.
FXall anticipates further additions to this pool of liquidity providers as more market participants recognize the advantages of FXall's advanced functionality for their customers.
Phil Weisberg, CEO, FXall, concluded: "Sophisticated functionality and the efficiency gains from FXall's 'true' Straight-Through Processing are the prerequisites in creating the deepest and broadest electronic pool of FX liquidity. Given our leadership in all of these areas I am confident that FXall is set to become the FX liquidity portal of first choice."
About FXall:
The international FX market is an over-the-counter (OTC) market, and clients trade with their dealers directly as principals in each transaction. FXall will automate the process, so that clients will have a single point of access to all participating dealers with whom they have a business relationship. FXall's clients will be able to trade online with participating dealers, as well as see competing prices, research and other market information.
FXall will offer clients:
The ability to see and trade on live FX prices supplied simultaneously by participating dealers.
One-stop liquidity in FX Spot, Forwards and Options.
FX research and forecasts from participating firms.
On-line order entry, routing and monitoring.
The efficiencies of Straight-Through Processing (STP). Delivery of a technology platform that is both cost-effective and secure.
FXall aims to be as inclusive as possible with participation open to all FX dealers. A broad-based client advisory board provides ongoing feedback on user issues. The venture is independently staffed and managed to ensure an effective and timely rollout.
Further information on FXall is available at www.fxall.com
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