A further six financial institutions are expected to take an equity stake in FXall, the web-based electronic trading platform for the $1.4 trillion a day foreign exchange markets.

The firm, which plans to develop the world's largest online foreign exchange market, said that it expects to sign letters of intent with Bank of Tokyo-Mitsubishi, BNP Paribas, Dresdner Kleinwort Benson, Royal Bank of Canada, Royal Bank of Scotland and Westpac Banking Corporation.