Method and system for facilitating foreign currency exchange transactions over a network

A method facilitated by a computer network to accomplish a foreign currency exchange transaction between business entities, comprising the acts of:

• providing a central server system having a communication channel for electronically communicating with the business entities;
• registering a first business entity whereby a representative is assigned a role of administrator, credit officer, and a trader, each role requiring a proper login ID and a password to access the central server system;
• allowing the trader to select a currency pair to be transacted;
• displaying at least one rate for the selected currency pair posted by a trader from a second business entity which is registered with the central server system, the second business entity having established a mutual credit line with the first business entity;
• and
• allowing the trader of the first business entity to place an order on the currency pair, whereby the order is matched against the posted rates, a match resulting in a fulfillment of the order, and a non-match resulting in a posting of the order.

A method facilitated by a computer network to accomplish a foreign currency exchange transaction between clients having an account with a business entity, comprising the acts of:

• providing a business entity's system having a communication channel for electronically communicating with the clients;
• registering the clients with the business entity's system whereby the registered clients are allowed access to the business entity's system and whereby the registered clients place a collateral with the business entity;
• allowing the clients to select a currency pair to be transacted;
• displaying at least one rate for the selected currency pair posted by a registered client;
• allowing the registered clients to place an order on the currency pair, whereby the order is matched against the posted rates, a match resulting in a trade, and a non-match resulting in a posting of the order;
• and settling the trade.