Online market deal brings banks together

A joint effort by the country’s four major banks will see the development of a new internet portal that will carry online bond, foreign exchange, fixed-income and derivatives products and services. The Commonwealth Bank of Australia, ANZ Banking Group, Westpac Banking Corp and National Australia Bank will collaborate to launch AusMarkets in a bid to dominant the wholesale financial market. AusMarkets is set to begin in the first half of 2001.