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. Please see our Subscription Terms and Conditions.


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

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.

       

Go to the Forex poll results

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, and the press at 5pm. The official head count fell from 105 to fewer than 10.

Almost until the very end Atriax was still considered a force to be reckoned with in online forex. But this positive image belied the fact that the company's future had been in question for months.

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