ANZ Investment Bank launched its new Internet-based FX trading service, anz.com FX Online, in London and Europe on 11 May. The service, which was developed in partnership with Reuters/Tibco, provides corporate and institutional clients with online access for spot, forwards and swaps trading, according to Chris Cooper, ANZ’s global head of FX, who is based at the bank’s headquarters in Melbourne.
A basic form of the product was released two years ago in Australia, but the first rollout of FX Online began in Australia and New Zealand about 18 months ago, and now has about 400 users. Cooper says $3 billion in volume has been transacted over the service in the past six months of customer trials, and he anticipates this pace to continue. “We have a 35% market share among users in Australia,” he says, adding that ANZ has experienced a take-up rate of seven out of 10 clients offered the service.
Dealing capabilities and research are currently available, while options trading will come online over the summer through an area dubbed Sphinx, which will provide a range of third generation options pricing and dealing facilities. Also due for release later this year is a portfolio analysis feature, through which a customer will be able to perform “what if” scenarios, either hypothetical or using the customer’s own portfolio.
Prices are available on a request basis, while a live chat facility means that customers can choose to communicate electronically or continue using the telephone. The service provides a position blotter, which clients can either print out for manual entry into their own position keeping systems, or ANZ will work with customers to provide an electronic link to automate the process.
In addition to the launch of the dealing service, the bank has made its research freely available over www.anz.com/fxonline