Foreign exchange deal creates $1.5tr per day business

Online foreign exchange platform Atriax has secured pre-launch backing from over 50 banks, representing half of the exchange market, and $1.5trillion per day in business.

The deal, with some of the world's largest banks, increases the stakes in the online market, with Atriax expected to go head-to-head with the rival FXall service, which is also yet to launch. Atriax founder members include Chase Manhattan, Citibank and Deutsche Bank, along with information and technology services provider Reuters. FXall is backed by CSFB, Goldman Sachs, Morgan Stanley Dean Witter and UBS.