Refco Inc has reported significant volume increases on its professional and institutional FX trading platform, FX ProTrader.
REFCO FX ProTrader platform provides access to leading global banks and professional trading counter-parties, including numerous institutions, hedge funds, commodity-trading advisers, futures commission merchants, broker-dealers and high net worth investors in the United States, Europe, Asia and the Pacific Rim.
REFCO FX ProTrader daily volume with customers and other dealers averaged USD 10-15 billion per day during Refco's second quarter ending August 31, according to Sandy Maggio, President and CEO of Refco Capital Markets, Ltd, which represents a significant increase since the beginning of the year.
"Refco FX ProTrader provides a very different kind of liquidity pool that is compelling to our customers," said Maggio.
While most electronic trading platforms provide streaming prices from banks, REFCO FX ProTrader offers a deeper source of liquidity through its extensive group of global trading partners who populate the online trading facility. Consequently, the platform has different prices and a different look from other electronic FX providers because customers represent an ever-increasing share of the pool.
"Our platform is a customer-driven virtual marketplace," said Maggio. "Often 40 per cent of our daily volume is among our own customers - not the typical dealer-to-dealer business."
With more than USD 1.9 trillion traded in the FX markets each day, and a swell of activity by hedge funds tapping into these highly liquid markets, REFCO FX ProTrader is altering the landscape in a marketplace it knows well. Among its many features, REFCO FX ProTrader offers real-time executable streaming prices for spot, outrights and forwards, with the ability to view as many as 16 currencies at once.
Customisable screens and fast, flexible "point and click" execution streamlines efficiency and speed. Straight through processing and e-mail confirmations enable intra-day risk monitoring and management. Trade history can be retrieved instantly and refreshes automatically. Even complex orders are simple to enter and submit, and order status can be viewed "at-a-glance" on a colour-coded secure screen.
REFCO FX ProTrader operates as a stand alone execution product or can be bundled with REFCO FX Clear, Refco's FX prime brokerage service, to attain the multiple benefits of prime brokerage services, including complete vertical integration in a straight through processing environment.
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