In this paper we explore the ethics of business-to-business electronic commerce, with a focus on the banking sector. A case study of online foreign exchange developments at an investment bank is used to help illustrate some key moral issues. Important areas identified for further research include freedom of choice, trust and transparency of business-to-business transactions and limits to responsibility with regard to the facilitation of fraud. It is concluded that only with careful consideration of a broad range of management issues will traditional companies effectively address the challenges of electronic commerce. The barriers to be dealt with are far from being just technical solutions to doing business in cyberspace.