Thu, 10/01/2008 - 06:00
Leading global foreign exchange platform FXall has set a new mark for annual trading volumes of more than USD13.4trn in 2007, a 37 per cent year-on-year increase, while daily volume exceeded USD98bn in the fourth quarter.
Growth in trading volume continues to be driven by new clients, especially from the investment community, which now accounts for more than 50 per cent of volume traded over FXall.
According to the Bank for International Settlements, significant expansion has taken place in the dealer to customer market as buy-side and corporate participants capitalise on value in the forex market for hedging or investment purposes. Diversification by long-term investors, such as pension funds, and increasing turnover in emerging market currencies have also contributed to trading growth over the past year.
The growing role of algorithmic trading, which accounted for half the increase in total turnover over the past three years, is also seen as an important driver. Accelor, FXall's anonymous electronic communication network, was launched last year to anticipate and respond to the growth of this rapidly developing market.
Increasing focus on best execution and control and compliance has also been a factor in the growth in trading volumes over FXall as institutional traders, including asset managers, banks, broker-dealers, hedge funds and corporations, embrace electronic trading as the execution method of choice.
FXall provides multiple methods to achieve best execution and a full audit trail for control and compliance, and says it is constantly developing innovative products and services to meet the customers' requirements.
'FXall holds a leading position in institutional FX trading and these figures reflect our commitment to innovation and investment throughout our range of products and services,' says chief executive Phil Weisberg.
'FX trading is a constantly evolving landscape, and with volumes continuing to rise. There has been a sustained increase in demand for online platforms that offer a complete electronic solution. We look forward to more growth in 2008 as we continue to meet the demands of increasingly complex participants and strategies.'
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