CoesFX adds fifth price-maker

The un-named bank adds to the four it launched in March 2003 – Dresdner Kleinwort Wasserstein, Deutsche, Barclays Capital and Saxo Bank.

Michael Frey, chief executive and co-founder of CoesFX in New York, said the platform now has 40,000 US securities traders around the world, largely second-tier money managers and retail clients.

Frey said: "Clients get prices exactly as they have been sent out. There is no bias or manipulation of the market in any way."

He believes that because the

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