FXall.com, a foreign exchange service announced Tuesday by seven of world's largest financial institutions, is an alliance of dealers who want to keep third-party consolidators from cutting into their business, observers said.

FXall.com's founders are Bank of America Corp., Credit Suisse First Boston, Goldman Sachs & Co., HSBC Bank, J.P. Morgan & Co., Morgan Stanley Dean Witter, and UBS Warburg.

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