With its announcement Monday that it would stop promoting its online foreign exchange marketplace and instead become the 14th partner in a consortium called FXAlliance, Bank of New York shows how the Internet is derailing some banks’ plans to go it alone in this business.

The bank originally had decided to build on its thriving foreign exchange business by setting up a proprietary technology platform and inviting others to join it as equity partners offering their own services. But it found its effort dwarfed by new players like FXAlliance, one of numerous marketplaces to have sprung up in recent months, and this prompted its pullback.

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