Banks back FXall prime brokerage messaging hub

Currency trading portal FXall has secured the support of seven leading banks to develop a shared messaging hub for notification of prime brokerage deals.

ABN Amro, Bank of America, Credit Agricole Indosuez, Dresdner Kleinwort Wasserstein, HSBC, Lehman Brothers and The Royal Bank of Scotland are confirmed as participating in the hub.

The prime brokerage service will be made available through FXall Settlement Centre, which has 150 signed customers and currently handles thousands of messages a day. The automated system can be used for all prime brokerage trades - regardless of whether they are executed on FXall or through other channels.

Umran Zia, managing director and global head of FX prime brokerage services at Bank of America, said FXall was the logical choice to build an industry solution for prime brokerage. "It has a robust network infrastructure in place, and the success of 'settlement centre' demonstrates its ability to deliver industry standards for messaging," he said.

FXall's daily trading volume recently reached the $16 billion mark. In July, it was announced that the multi-bank platform had achieved positive cashflow.