Atriax, an e-hub formed by the three biggest foreign exchange dealers Citigroup, Chase Manhattan and Deutsche Bank, has signed up 50 more banks. Experts claim that online trading can cut transaction costs by 80% from the cost of traditional telephone-based sales in the Forex market, which handles $1,500bn every day. Atriax faces competition from FXall, an Internet-based platform owned by 13 banks, including UBS Warburg, HSBC and Goldman Sachs, which has a market share of 30%. The new Atriax partners give it a market share of over 50%.
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