June 27, 2011

Bank of America Merrill Lynch will become a clearing broker on FXall’s Order Book Platforms, as announced by both companies today. FXall’s Order Book is an anonymous over-the-counter (OTC) electronic communications network (ECN) for spot.

Bank of America Merrill Lynch foreign exchange trading clients can now leverage integrated access to FXall's Order Book, in addition to its global multi-bank execution platform. The platform delivers liquidity from diverse natural counterparty entities and gives institutional clients access to advanced trading strategies to manage their risk and control their costs of trading, according to the release.

“Our clients are always looking for the latest tools and functionality for their foreign exchange trading strategies. We are pleased to expand our existing relationship with FXall, which is a great partner to deliver the full range of pricing and trading capabilities, including spot, swap, forward and NDF products. We believe our clients will benefit greatly from expanded access to the FXall Order Book,” stated Tony Dalton, Global Head of FX Prime Brokerage at Bank of America Merrill Lynch. “This offering also enables us to make our industry-leading prime prokerage services available to a larger number of firms in the foreign exchange market,” added Dalton.

The move represents an expansion of the relationship that Bank of America Merrill Lynch currently has with FXall. According to Phil Weisberg, CEO of FXall, Bank of America Merrill Lynch, one of the industry’s premier market makers, already has a strong presence on FXall. The firm is “partnering with us to expand its service capabilities for its foreign exchange clients by providing access to all our liquidity sources through their existing credit lines and clearing services,” stated Weisberg in the release.

As the market structure evolves, Wiesberg also said FXall is expanding its services to meet clients’ execution needs, enabling them to trade via multiple execution mechanisms. “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.”

Ivy is Editor-at-Large for Advanced Trading and Wall Street & Technology. Ivy is responsible for writing in-depth feature articles, daily blogs and news articles with a focus on automated trading in ...