FXall gains Hong Kong regulator approval

FXall, the bank consortium-owned online portal for global foreign exchange trading, will open a representative office in Hong Kong, following approval to operate as a money broker in the city from the Hong Kong Monetary Authority (HKMA). The office, to be headed to by ex-Bridge e-Markets executive James Mills, is FXall's second hub in the region, having opened in Tokyo earlier this year.

“Today’s announcement reflects our commitment to Hong Kong," said Phil Weisberg, chief executive of FXall. “It is also an important step in FXall’s wider expansion strategy for the Asian region. As the only fully automated portal for foreign exchange trading, we are uniquely placed to give customers in Hong Kong and beyond a real competitive edge in global trading.”

FXall was launched in May and provides institutional customers of foreign exchange a number of services, including: fully automated pricing, straight-through processing, research, available through a single sign-on with direct connection to bank dealing systems, and 24-hour access to a multilingual support centre. More than 50 banks have so far agreed to provide liquidity on FXall, but critics claim that consortia-owned projects will struggle to move speedily enough against single-owner competitors.