Six More Financial Institutions Join Multi-Dealer Foreign Exchange Service FXall
FXall announced that the following banks have expressed their intent to take ownership positions in FXall: The Bank of Tokyo-Mitsubishi, BNP Paribas, Dresdner Kleinwort Benson, Royal Bank of Canada, The Royal Bank of Scotland and Westpac Banking Corporation. These six firms join the initial FXall participants: Bank of America, Credit Suisse First Boston, Goldman Sachs, HSBC, J.P. Morgan, Morgan Stanley Dean Witter and UBS Warburg. FXall will offer 24-hour access to the global FX market. Through the use of leading-edge technology, FXall will create a platform where clients can easily access liquidity across a wide range of FX products. In addition, FXall will allow clients to achieve the full cost efficiencies of straight-through processing.