Chase Manhattan, Citigroup, Deutsche and Reuters are planning to form an online currency trading service for their clients. According to a Wall Street Journal report, the coalition plans to sign 50 or 60 partners to the service before announcing it publicly.
Citi, Chase and Deutsche are the three largest FX marketmaking banks in the world. They have remained aloof from similar multi-bank portal systems, such as the bank-owned FXall.com and Currenex, which have begun offering prices to corporates over the Web.
The Wall Street Journal reports that the new company, provisionally named Atriax, is expected to be partially operating early next year, and fully operational by the third-quarter of 2001.