The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site.

All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.
Opinion

‘The one place to go for liquidity'

Author: Tessa Oakley

It's finally official. Atriax, the long-awaited partnership between Citigroup, Chase Manhattan, Deutsche Bank and Reuters has launched. That the three banks would join forces has been an open secret since rival FXall was announced in May without these three banks, the top three in Euromoney's annual foreign exchange survey. Each had been in the initial discussions for FXall in the six weeks before the launch, with Deutsche rumoured to be involved in even earlier exploratory talks which began about 18 months ago. Deutsche pulled out because it felt that it could not contribute the required resources and time to the FXall venture.

Unlike other multi-bank internet trading platforms, Atriax has not appointed a banker as the CEO. Instead the board has chosen someone from the buy side, Dan Morehead, formerly the chief Financial officer of Tiger Asset Management, who was First approached by Citigroup's then forex chief, Guy Whittaker, in April. It's a simple and effective way of reassuring potential clients that Atriax won't become a cartel defending the interests and profits of the banks involved. And Morehead is backed up by an advisory board of 21 buy-side clients.

It's a combination others have found hard to resist: 49 other banks - 35 from the Euromoney top 100, 14 outside it - have decided to join the platform, which makes Atriax almost twice as large in potential liquidity provision as any of its rivals.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree