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FXall Joins the ECN Melee

Multibank portal FXall is raising the stakes in the ECN industry by officially launching Accelor, an anonymous matching portal for its clients. Accellor combines anonymous ECN functionality with FXall’s technical architecture and market data service, a combination that the company believes provides it with a differentiator.

The new platform is now live with the first wave of participants and is currently being rolled out to all clients. “This established community of diverse participants means more natural interest, ensuring deep liquidity and consistent pricing under all market conditions,” FXall claims.

The system supports a variety of trading styles and execution methods and will offer a range of advanced order types in a later iteration. FXall says Accelor’s high-speed matching engine has been architected for minimal latency, with orders acknowledged within three milliseconds and filled within 20 milliseconds. Orders are processed according to transparent business rules, ensuring equal access for all participants, it adds.

This is backed up by a market data package, including full depth of book, completed trade information and historical data, enabling users to make more informed trading decisions. Accelor is complemented by FXall’s extensive range of trading and post-trade services including forwards, swaps, NDFs and trade splits and rolls.

“We believe that Accelor marks a real step forward in FX trading,” says Phil Weisberg, CEO of FXall. “For the first time, all market participants have access to an efficient, liquid ECN which can be used alongside FXall’s relationship-based trading services, delivering clients the flexibility to switch between relationship and anonymous dealing according to trading requirements.”

The release has been long-expected, and perhaps inadvertently, it coincides with one of FXall’s long time rivals making a move into the ECN market. State Street’s Global Link is in the process of buying Currenex, another rival to FXall that also offers ECN-style execution as well as relationship-based.

“Technology and the structure of a market, including the availability of data, will be critical factors in the success of initiatives such as Accelor in this highly competitive landscape,” Martin Spurr, head of e-markets and client solutions at RBS, says. “RBS has been a strong supporter of FXall since its inception and has always been impressed with the quality of its people, technology and support. We expect Accelor to become a significant source of liquidity for RBS, our clients and the market.”

Farooq Muzammal, head of foreign exchange, Marex Financial, adds: “Marex clients already benefit from the trading and post-trade tools available over FXall’s relationship-trading services, QuickTrade and QuickFill. We are excited to extend the range of services we offer them with the addition of Accelor.”

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