FXall, the global portal for electronic foreign exchange trading, has been named the number one multibank portal in the Euromoney forex poll for the third year in a row.
For the first time the poll measured portals by volumes as well as by straight-through processing capabilities. FXall won both categories with a significant margin over the nearest competitor, Euromoney said.
The Euromoney poll is an annual survey that measures the performance of leading foreign exchange banks and service providers. This year, there were 3,501 responses from corporate treasurers, fund managers and senior banking executives, a massive increase on the 1,900 received in 2003.
In the new volumes category, FXall came first with a 47.2% share of multibank trading volumes. The nearest competitor received 35.6%. The result for the STP category was even more dramatic: FXall was named best for straight-through processing by 771 respondents — more than three times the number of votes awarded to the second-placed finisher, according to Euromoney.
The results follow Greenwich Associates announcement that the value of online currency trading has soared to $8 trillion. In a survey published last month, Greenwich announced that online trading had doubled over the last year, with FXall as the leader in the field.
Phil Weisberg, CEO of FXall, said: “These results reaffirm FXall’s position as the leader in online foreign exchange trading. We are delighted that our customers have once again named us the number one multibank foreign exchange portal, and remain dedicated to continually improving our offering to them.”