Former Atriax partners Deutsche Bank and JPMorgan Chase have signed up to independent online currency exchange Currenex’s Web-based service, FXtrades. The announcement concludes the scramble for participation and liquidity that has been conducted following the demise of Atriax.
Since Atriax announced it was to cease operations on 5 April, all three partners in the venture Deutsche Bank, JPMorgan Chase and Citibank have moved to offer liquidity on rival multibank venture FXall and State Street's FX Connect service.
David Puth, managing director, global head of FX at JPMorgan, states: “We have been working very closely with Currenex and are proud to announce that we are already trading on their service. By teaming with Currenex, we will continue to drive the evolution of foreign exchange and to accelerate the adoption of eFX to create a more efficient market that benefits our customers.”
James Turley, global head of FX at Deutsche Bank, adds: "We are enthusiastic about joining Currenex, because we have seen real demand from our customers to provide liquidity on the Currenex platform."