Banks jump on Web F/X bandwagon

The nation's big banks have all begun offering Web-based foreign exchange dealing services to their corporate customers as a sort of loss leader to attract and keep their business. In the past several months, Chase Manhattan, Citibank, Deutsche Bank and First Union have all debuted forex services on their corporate Web sites that, depending on the site, allow the institution's corporate customers to buy and sell spot and forward positions, as well as currency swaps. The attraction of Web-based forex is catching on. A new site called Vollbroker.com, backed by the likes of Goldman, Sachs & Co. and UBS AG, opened for business in March and allows customers to buy and sell currency options.