Bank of New York has joined the FXall consortium to develop a global...

Bank of New York has joined the FXall consortium to develop a global electronic currency trading and research platform. BNY is the latest addition to the existing group of 13 financial institutions comprising FXall. The group hopes to automate the over-the-counter foreign exchange process, giving clients a single point of access to participating dealers. FXall is expected to launch early next year.