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FXall Opens in Boston

Multibank portal FXall has opened an office in Boston and recruited two staff as it seeks to build on its real money client segment which increased volumes by 146% in 2004. The move represents something of a challenge to rival multibank portal FX Connect, which is part of State Street‘s Global Link, which is headquartered in Boston and heavily focused upon the real money segment.

The two appointees are Melissa McCarthy and Joedy Tran. McCarthy joins as director of customer marketing and relationship management, having spent the previous 14 years at State Street Corporation, most recently leading sales, training and business development activities as vice-president and senior relationship manager for the Global Link trading platform. Tran joins as a relationship manager, he also joins from State Street Corporation, where he was a business development officer responsible for sales, relationship management and developing product rollout strategies.

"FXall has experienced enormous growth in the asset management sector, as our recent volumes figures demonstrate. Opening an office in Boston, where many of our asset management clients are based, is important because it enables us to better service our substantial client base in the asset management industry and meet the demand we are seeing from existing and prospective customers.”

The new office is being opened as FXall announces strong growth in asset manager volumes over the platform. In 2004, it said that $1.036 trillion was transacted by this segment, part of annual overall volume of $4.9 trillion – a 104% increase on 2003. The portal further says it continues to evaluate “a number of financial centres” around the world as locations for new offices.

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