BAML becomes clearing broker on FXall
Bank of America Merrill Lynch is to become a clearing broker on FXall, it announced today (June 27). BAML FX clients will be able to access FXall’s pricing and trading capabilities for spot FX via the bourse’s anonymous Order Book electronic communications network.
"We believe our clients will benefit greatly from expanded access to the FXall Order Book,” said Tony Dalton, global head of FX prime brokerage at BAML. “This offering also enables us to make our industry-leading prime brokerage services available to a larger number of firms in the foreign exchange market.”
FXall chief executive Phil Weisberg added: “Increasingly sophisticated institutional users are responding to the rapidly changing market structure by adopting new execution strategies and prefer venues that support numerous execution alternatives. As our clients take advantage of new ways to manage their order flow and assume risk more effectively, we are here to respond to their needs.”