The Justice Department, according to Reuters, is taking a look at some of the new Web-based foreign exchange trading consortia.

To be sure, it's a bit awesome to see the big names that are ganging up with each other. Citigroup, Chase Manhattan and Deutsche Bank are leading a group of 50 banks in a consortium known as Atriax (see U.S. Banker, Dec. 2000). And J.P. Morgan, HSBC, Deutsche Bank and Bank of New York are leading another 13-bank group, FXalliance. (By the way, once Chase's acquisition of J.P. goes through, which group will the merged bank belong to?)

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