FX Portals in the News this Week

An article in IT-Director.com debates whether the future direction of ownership of FX Trading Platforms is proprietary or collective. The question is raised in a week when FXALL, currently owned by a consortium of 17 banks, has sold a significant minority stake to Technology Cross Over Ventures, a Californian VC Group, for a sum of USD77.5 million. IT-Director.com states “the move is the latest sign that the International Banks are abandoning the collectivist approach to trading platforms and increasingly striking out on their own…” Also this week, a Finextra report today states that Japanese finance firm Softbank has pulled out of Irish FX dealing technology company Cognotec after taking a EUR31.5 million hit from its stake in the business.