Talk of an exchange for foreign exchange has been around for almost as long as e-trading platforms but none of them has so far have precipitated a move in that direction. Instinet FX Cross, a joint venture between Instinet and CitiFX, may prove to be different.
Banks are looking for ways to offer unique services and capture more deal flow without taking on extra market risk. Instinet FX Cross – a crossing network in which Instinet matches forex orders twice a day, and sends them to CitiFX for anonymous execution and settlement at its benchmark fixing rates (Citigroup has built separate internal systems to process this) – does just that.
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