Atriax To Cease Operations
Atriax announced that its on-line trading platform for foreign exchange would cease to conduct operations in the normal course of business after 17 months of operation. After a thorough review of market conditions, and having explored various strategic options, including ultimately unsuccessful merger discussions with other entities, the firm said it was unable to identify any workable alternative that would secure its long-term survival. Atriax’s sponsors – Citibank, Deutsche Bank, JP Morgan Chase and Reuters, formed the company to facilitate the electronic trading of foreign exchange between banks and clients. The platform will be kept open for a short period of time so that Atriax’s clients can transition to other sources of liquidity, including bank proprietary systems and other e-marketplaces.