The London online currency trading network FXall has launched an electronic communication network, Accelor, for high-speed automated foreign exchange.
FXall said Accelor combines anonymous ECN functions with an advanced technical architecture and comprehensive market data. Its high-speed matching engine provides order acknowledgements within 3 milliseconds and fulfillment within 20 milliseconds.
Analysts have said that electronic currency networks are emerging as full-fledged currency exchanges to challenge both single-bank and multibank portals.
Accelor has been endorsed by several financial companies, including ABN Amro Holding NV, Allianz AG's Dresdner Bank, Nordea Group, Royal Bank of Scotland Group PLC, the Dutch farm lender Rabobank Group, and the London independent broker-dealer Marex Financial Ltd.
FXall said that the first participants are now live on Accelor, and that it is rolling the exchange out to the rest of the foreign exchange market. FXall said that its users include some of the world's largest financial institutions, from banks to hedge funds and asset managers.
