The growing acceptance of the speed and security of banks' extranets has made corporate and institutional customers just as likely to check out their banks' website than pick up the telephone for day-to-day FX transactions. In recognition of this, the major banks have joined forces to create internet-based marketplaces or portals to satisfy an increased appetite for electronic FX trading.

An idea that has been around for a while, the FX portal began to come of age in 2000. Currenex and CFO Web have already signed up 25 and 10 marketmaking participant banks, respectively, for their portal offerings. Yet in 2000, the concept of the portal strengthened its grip on the foreign exchange trading community. Fourteen large banks took equity stakes in the establishment of FXAll, while a further 51 joined forces to launch Atriax.