The first wave of seven banks has signed up to a new prime brokerage facility on FXAll, the foreign exchange dealing network owned by a consortium of 17 banks.

ABN Amro, Bank of America, Crédit Agricole Indosuez, Dresdner Kleinwort Wasserstein, HSBC, Lehman Brothers and The Royal Bank of Scotland will use FXAll's prime brokerage software to automate processes such as trade confirmations and verifications of credit - that are necessary for the prime brokerage process.