Wednesday, October 17, 2007

Forex giants head for the net

The three largest players in the global currency market are teaming up with Reuters to offer foreign-exchange services over the internet to major clients, according to a report in Monday's Wall Street Journal.
The report said US banks Chase Manhattan and Citigroup and Germany's Deutsche Bank were creating a new company together with the news and financial information provider.
The move is the latest and most significant sign that big players in currency markets are turning to the internet to answer their clients' demands for faster services at lower prices.
Chase, Citigroup and Deutsche Bank together have a market share in world foreign exchange trading of almost 30%.

Other partners sought
The Wall Street Journal reported sources familiar with the deal as saying that the four founders were now seeking to include a further 50 or 60 international banks in the venture before publicly announcing its creation.

The new venture is set to compete directly with FX Alliance, an internet-based currency venture recently established by 13 other major international banks.
The three largest players in the global currency market are teaming up with Reuters to offer foreign-exchange services over the internet to major clients, according to a report in Monday's Wall Street Journal.
The report said US banks Chase Manhattan and Citigroup and Germany's Deutsche Bank were creating a new company together with the news and financial information provider.
The move is the latest and most significant sign that big players in currency markets are turning to the internet to answer their clients' demands for faster services at lower prices.

Chase, Citigroup and Deutsche Bank together have a market share in world foreign exchange trading of almost 30%.

Other partners sought

The Wall Street Journal reported sources familiar with the deal as saying that the four founders were now seeking to include a further 50 or 60 international banks in the venture before publicly announcing its creation.

The new venture is set to compete directly with FX Alliance, an internet-based currency venture recently established by 13 other major international banks.

1 comment:

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