Leading Financial Institutions To Form Foreign Exchange Service

June 7, 2000

A virtual Who’s Who of the international financial community consisting of Bank of America, Credit Suisse First Boston, Goldman Sachs, J.P. Morgan, Hong Kong & Shanghai Bank, Morgan Stanley Dean Witter and UBS Warburg announced the formation of FXall.com (TM),” which will offer clients low cost one-stop electronic access to a range of services in foreign exchange (FX), from execution to research.”

“FXall.com will offer 24-hour access to the global FX market, the world’s largest financial market with $1.4 trillion in transaction daily,” said the announcement.”

The site will automate the over the counter FX market by enabling principals to directly contact dealers through a single point of access, and conduct all their FX business from that point.

Commenting on the new service its Chairman, Paul Kimball, who’s also the co-head of Morgan Stanley’s FX operations, said ” the efficiencies provided to clients by FXall.com will be enable faster and cheaper FX transactions, resulting in an even greater degree of liquidity and transparency across the global market. We believe that FXall.com will be the most powerful application yet of e-commerce to the FX industry worldwide.”

The company will be independently managed, with Philip Weisberg from J.P. Morgan as its interim CEO. It’s also open to participation from other global financial institutions, and has established its website at : www.fxall.com.

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