FX E-Trading Alliance Rumours Heat Up

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NEW YORK--The worst-kept secret in banking is that Deutsche Bank, Chase Manhattan and Citibank--three of the largest firms in the FX market--are discussing an internet trading alliance with Reuters.

Last week the story filtered into the pages of the international press, but all four participants are keeping details of their plans close to their chests.

Officially, they are saying nothing about the venture. However, FX Week--which revealed the outline of the alliance two months ago (FX Week, Ju