Atriax announced that its on-line trading platform for foreign exchange would cease to conduct operations in the normal course of business after 17 months of operation. After a thorough review of market conditions, and having explored various strategic options, including ultimately unsuccessful merger discussions with other entities, the firm said it was unable to identify any workable alternative that would secure its long-term survival. Atriax’s sponsors – Citibank, Deutsche Bank, JP Morgan Chase and Reuters, formed the company to facilitate the electronic trading of foreign exchange between banks and clients. The platform will be kept open for a short period of time so that Atriax’s clients can transition to other sources of liquidity, including bank proprietary systems and other e-marketplaces.
A report by broking group Marsh examines the repercussions from the administration of the South Korean company, which filed for bankruptcy protection at the end of August.
Global research by C2FO suggests that smaller businesses are less concerned with the repercussions of Brexit and the upcoming US presidential election.
A squeeze on skilled talent means it now takes an average of seven weeks to fill open permanent roles in finance in the UK according to new research from financial services recruitment firm Robert Half.
Early-stage merger and acquisition deals in Asia-Pacific show nearly 10% year-on-year growth in recent months.