Atriax demise leaves big three looking foolish

Forex trading platform Atriax was backed by some of the biggest-hitting banks. Its failure marks it out as yet another example of how bad technology and poor management can ruin a good idea.

       

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A COUPLE OF months ago, few market participants would have predicted that a company founded by Reuters and three of the world’s biggest financial institutions – Citigroup, Chase Manhattan and Deutsche Bank – would collapse. But in the space of one afternoon, their joint foreign exchange portal, Atriax, went from being a credible rival for market share in online foreign exchange to yet another failed dot com. Staff were notified at 2pm, the customer and bank advisory boards at 2.30pm,

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