The new service can lower the cost of foreign exchange transactions for treasury operations.
Bank of America, Credit Suisse First Boston, Goldman Sachs, HSBC, J.P. Morgan, Morgan Stanley Dean Witter , and UBS Warburg are supporting the independently staffed and managed venture named Fxall.com. Rollout is expected by year-end. Philip Weisberg of LabMorgan, J.P. Morgan’s e-finance unit, will act as interim Chief Executive Officer through then.
Participation is open to all FX dealers. A client advisory board will be established for ongoing feedback about service issues.
Currently, FX clients trade directly with their dealers as principal in each transaction. Fxall.com, in automating the process, offers a single point of access to all participating dealers with whom a client has a relationship.
Trades, price quotes, research, and market information will be simultaneously available from multiple sources. Fxall.com’s services will include:
- the ability to see and trade on live FX prices in a comparative way
- central liquidity for FX spot, forwards, and options
- research and forecasts from multiple firms
- online order entry, routing, and monitoring
- straight-through processing (STP)
- secure ordering technology.
Additional information is available now at the www.fxall.com website.