Top banks plan new forex dealing platform – WSJ

Dec 9 (BestGrowthStock) – The big global banks involved in currency
trading plan a banks-only dealing system, in a move to reclaim
lost business, the Wall Street Journal said, citing several
people familiar with the situation.

The move marks an effort by leading banks to regain lost
ground since access to EBS, the largest forex dealing system,
was opened to hedge funds and other non-banking financial
players like high frequency traders in 2005, the Journal said.

EBS is owned by Icap PLC (IAP.L: ), the interdealer broker.

The planned venture is tentatively named Pure FX and has the
backing from most of the 10 largest banks in global
foreign-exchange dealing, according to the paper.

But none of the banks involved in Pure FX is thought to be
considering leaving EBS, whose FX prices are viewed as the
industry benchmark, particularly in key currencies like the
euro, dollar and yen, people told the paper.

The ten banks named by the Journal are Deutsche Bank AG
(DBKGn.DE: ), UBS AG (UBSN.VX: ), Barclays Capital Plc (BARC.L: ),
Citigroup Inc (C.N: ), Royal Bank of Scotland Group Plc (RBS.L: ),
JPMorgan Chase & Co (JPM.N: ), HSBC Holdings Plc (HSBA.L: ), Credit
Suisse Group (CSGN.VX: ), Goldman Sachs Group Inc (GS.N: ) and
Morgan Stanley (MS.N: ) (Read more about the money market today. ).

All the ten banks declined to comment to the Journal. None
could immediately be reached for comment by Reuters.
(Reporting by Sakthi Prasad; Additional Reporting by Abhinav
Sharma in Bangalore. Editing by Jane Merriman)

Top banks plan new forex dealing platform – WSJ