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Online foreign exchange portal FXall has announced record trading volume of more than USD90bn in a single day, along with a rise in average daily volume for September of more than 44 per cent compared with the same month in 2006.

The increase in business has been driven by a combination of new clients, as well as growth in volumes from existing clients including asset managers, corporations, banks, broker-dealers and hedge funds. FXall notably saw strong growth in trading activity by the investment community, which now accounts for more than 50 per cent of total trading volume.

FXall says regulatory requirements for greater control and transparency mean clients naturally gravitate to its platform because it offers a comprehensive audit trail and best execution. The firms says it also continues to anticipate the changing needs of the growing foreign exchange market with the proactive development of new products and enhanced services.

'The sustained increase in trading volumes on FXall reflects our commitment to innovation and the continuous development of our client offering,' says chief executive Phil Weisberg. 'As FX trading volumes continue to rise, more and more traders are turning to online platforms to meet their complex needs."

FXall, an independent company with offices in New York, Boston, London, Tokyo and Singapore, offers foreign currency trade execution, access to research and straight-through processing, and seeks to provide clients with improved control and cost savings at every stage of the deal lifecycle through streamlined workflow, competitive prices and a complete audit trail.

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