Since 1999, banks have been developing proprietary systems for their customers to trade foreign exchange and access research material over the internet. To trade with multiple banks online, customers therefore need to use a variety of authentication methods, websites and price request methods. Multi-bank platforms have evolved to allow customers to use a single website to request prices simultaneously from multiple banks and view research material online. Multi-bank platforms (also known as ECNs or electronic communication networks) offer significant advantages to customers, but fewer advantages to banks, and therefore active participation by banks in multi-bank platforms is driven largely by customer demand. However, for the banks it remains preferable for their customers to trade through bank proprietary systems as the banks avoid paying brokerage and customers are encouraged to focus only on the particular bank's prices.

There are five main customer-facing FX ECNs:

FXall - founded by Bank of America, Credit Suisse First Boston, Goldman Sachs, HSBC, JP Morgan, Morgan Stanley Dean Witter and UBS
Currenex - independent and venture backed by major market participants, e.g. Barclays Capital and Royal Dutch/Shell
FX Connect - owned by State Street
360T - independent and venture backed by financial and major private investors
Hotspot FXi - independent privately held venture capital-backed company

Bank membership of multi-bank platforms is as follows:

Bank FXall Currenex FX Connect 360T Hotspot FXi
Aareal Bank        
Allied Irish Banks        
Anglo Irish Bank        
ANZ Banking Group
Banca Nazionale di Lavoro        
Banco Bilbao Vizcaya Argentaria        
Banco Santander        
Bank of America  
Bank of Ireland      
Bank CIC        
Bank of Montreal  
Bank of New York Mellon      
Bank of New Zealand        
Bank of Tokyo-Mitsubishi      
Banque Cantonale Vaudoise        
Banque Générale du Luxembourg        
Barclays Capital
Basler Kantonalbank        
Bayerische Landesbank      
Bear Stearns  
BNP Paribas
Brown Brothers Harriman      
Business Development Bank of Canada        
CDC IXIS        
CIBC World Markets        
Commonwealth Bank of Australia  
Credit Suisse    
Danske Bank    
DBS Bank        
Deutsche Bank    
Deutsche Postbank International        
Dexia Bank        
Dresdner Bank
DZ Bank        
Fifth Third Bancorp      
First Rand Bank        
Fortis Bank    
Goldman Sachs    
HSBC Trinkaus & Burkhardt        
HSH Nordbank        
ING BHF-Bank  
JPMorgan Chase  
Jyske Bank        
Kas Bank          
Kredietbank Luxembourg        
Landesbank Hessen-Thüringen        
Landesbank Baden-Württemberg        
Lloyds Banking Group  
Macquarie Bank        
Merrill Lynch    
Mitsubishi Trust and Banking Corp      
Morgan Stanley    
National Australia Bank  
PNC Bank      
Postbank Luxembourg        
PostFinance Swiss        
Rand Merchant Bank        
Royal Bank of Canada  
Royal Bank of Scotland
Saxo Bank        
Scotia Capital  
Société Générale
Sparkasse Köln / Bonn        
Sparkasse Oberösterreich        
Standard Bank of South Africa        
Standard Chartered Bank  
State Street        
SunTrust Bank        
Swiss Union of Raiffeisen Banks        
The Northern Trust Company      
The Travelex Group        
Toronto Dominion Bank      
Trust & Custody Services Bank        
UFJ Bank        
Österreichische Volksbanken        
Zürcher Kantonalbank        

We rely on updates from ECNs to keep this page up to date, and information quickly becomes out of date when updates are infrequent. Some banks choose not to publicise their participation in ECNs. Although the above banks are members of the ECNs, some may not have yet fully connected.