Forex Magnates Q3 2012 Preview

7/31/2019 Forex Magnates Q3 2012 Preview

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FOREX MAGNATES QUARTERLY MARKETREPORT FOR Q3 2012

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Content Index1. Q3 2012 Forex Market Overview page 52. Media Forex Websites Trafc Survey: Q3 2012 page 143. Articles:t 3FHVMBUPSZ 3PVOEVQ o page 16t 'PDVT PO *TSBFM o page 18t " 1FSGFDU 4UPSN PG 3JTL .VMUJ "TTFUT BOE *OOPWBUJ page 20t .PCJMF '9 5SBEJOH 8JSFMFTT 5SFOET 5P 5IF 'VUVSF o page 26t 4JOHMF %FBMFS 1MBUGPSNT 1VUUJOH UIFJS 'PPU %PXO JO page 29t .BSLFU %BUB o (FUUJOH "DDFTT UP *OGPSNBUJPO page 33t .BSLFU .BLJOH 74 &$/ 8IFO 8IZ page 39t &BTUFSO &VSPQF $PVOUSZ 3FQPSUT o page 46t /JHFSJB T '9 .BSLFU page 55t /FX ;FBMBOE B A4BGF )BWFO GPS 'PSFY #SPLFST page 58t 5IF -BUJO "NFSJDBO '9 .BSLFU o page 61t %FWFYQFSUT UIF OFX QIBTF JO QMBUGPSN EFWFMPQNF page 65t /JOKB5SBEFS o 8PSME T .PTU 1PQVMBS 'VUVSFT 5SBEJOH 1M page 69t 5SBEBCMF "QQTUPSF .FFUT '9 5SBEJOH o page 72t )PUTQPU '9 -BVODIFT B 8IPMFTBMF -JRVJEJUZ %JWJTJPO o page 75t 0OF 1BHF 1MBUGPSN 4OBQTIPUT D5SBEFS BOE 7FSUFY'9 o page 77 4. .BKPS /FXT PG UIF 2VBSUFS o page 805. %FUBJMFE CSPLFS JOGPSNBUJPO GPS UIF MBSHFTU CSPLFST JO page 1036. 3FDPNNFOEFE 4FSWJDF 1SPWJEFST o page 1207. 'PSFY *OEVTUSZ #JHHFTU . "T BOE *OWFTUNFOUT o page 130



Q3 2012 ForexMarket Overview

2 JT HPJOH UP CF B RVBSUFS UIBU NPTU CSPLFST XPVME MJLF UP GPSHFU 7PMVNFT GPS UIF MBNFUFE JO 2 TPNFUJNFT JO EPVCMF EJHJUT -BDL PG WPMBUJMJUZ JO +VMZ "VHVTU EVF UP SBOHF USBJO TFWFSBM SFHJPOT TFWFSFMZ JNQBDUFE CSPLFST QFSGPSNBODF 5IF OVNCFST FTQFDJBMMZ TUBOE2011 when volatility was much higher. September brought some relief to the markets as volumes picked up, but not enough to make upfor the lost two months. In general, with the exception of May and a few weeks in September, volatility was extremely low in 2012 affectingFWFO UIPTF mSNT DPOTJEFSFE JNQSFHOBCMF '9$. SFQPSUFE B RVBSUFSMZ MPTT JO 2 JUT mSTUIBWF QSPNQUFE JUT EFDJTJPO UP MBVODI B EFBMJOH EFTL NPEFM JO "VTUSBMJB BOE UIF 6, "MTP SFBchanges to its trading platform, hoping to lure back traders.

5IF CJHHFTU OFXT PG UIF RVBSUFS XBT XJUIPVU B EPVCU UIF 1'( DPMMBQTF XIJDI UPPL UIF NBSLFU Bonly did clients lose hundreds of millions of dollars but the aftershock was felt across the nancial industry with consumer condence inUIFJS CSPLFST EFUFSJPSBUJOH ESBNBUJDBMMZ BGGFDUJOH WPMVNFT BOE EFQPTJUT JO UIF QBTU GFX NPQBOZ ,OJHIU $BQJUBM T UFDIOJDBM HMJUDI DPTUJOH JU NJMMJPO XBT BOPUIFS GBDUPS DPOUSJCJO UIF mOBODJBM TZTUFN BT B XIPMF '9%% BOE '9$. UPP XFSF VOEFS SFHVMBUPSZ TQPUMJHIU JO UIFDPOUJOVFE JO UIF NBSLFUT XJUI 3FVUFST BDRVJSJOH '9BMM BOE +BQBOFTF CSPLFST (.0 %.. BOE *OWBTU


5/12 If you have any questions or comments please contact us at [email protected]

A Perfect Storm of Risk, Multi-Assets, and Innovation

8JUI UIF #*4 SFQPSUJOH UIBU '9 WPMVNFT IBWF SJTFO GSPN B MJUUMF

PWFS USJMMJPO B EBZ JO UP PWFS USJMMJPO JO UIFZFWFO FTUJNBUFE B QFBL PG USJMMJPO JO UIFSF JT OP BSHV-ing that currency trading has experienced explosive growthin the past decade. What is lesser known is the even fasterHSPXUI JO WPMVNFT PG FYDIBOHF USBEFE '9 GVUVSFT 'PS FYBN-QMF WPMVNFT PG UIF $.& T '9 QSPEVDUT SPTF GPME GSPNUP IJUUJOH CJMMJPO "WFSBHF %BJMZ 7PMVNF "%7 "MTPUIF *OUFSDPOUJOFOUBM&YDIBOHF TBX JUT '9 WPMVNFT FYQMPEFGSPN UP BT JUT %PMMBS *OEFY GVUVSFT DPOUSBDU CFDBNFNPSF QPQVMBS BNPOH USBEFST 5IF %PMMBS *OEFY JT DVSSFOUMZ UIFNPTU IFBWJMZ USBEFE DVSSFODZ CBTFE DPOUSBDU PO UIF *$& XJUIUPUBM DPOUSBDUT SJTJOH GSPN OFBSMZ NJMMJPO JO UP

million in 2011.

0OF PG UIF DPNNPO UIFNFT UP FYQMBJO UIF SJTF JO '9 GVUVSFTvolumes has been the added credit safety of trading with acentral clearing exchange. After the 2008/09 nancial crisisBOE TVCTFRVFOU CBOLSVQUDZ PG EFBMFST MJLF -FINBO #SPUIFSTevaluating counter party risk became a bigger issue amongUSBEFST #Z VTJOH B DFOUSBM DMFBSJOH GSBNFXPSL FYDIBOHFTIBWF CFOFmUFE GSPN UIF PWFSBMM nJHIU UP TBGFUZ 5IJT BEWBOUBHFis most apparent in exchange traded products that have an05$ FRVJWBMFOU XIFSF FYDIBOHFT IBWF CFFO RVJDL UP NBSLFUthese benets.

0OF PG UIF CFTU FYBNQMFT IBT CFFO JO UIF $%4 NBSLFU XIJDIsuffered during the crisis as dealers went bankrupt and liquid-JUZ ESJFE VQ *O SFTQPOTF UP UIF SJTLT PG UIF $%4 05$ NBS-LFU UIF $#0& CFHBO UP NBSLFU JUT i%FFQ 0VU 0G UIF .POFZw

%00. 1VU PQUJPOT BT B $%4 FRVJWBMFOU &WFO JO '9 JO BSFQPSU QVCMJTIFE CZ .PSUFO #FDI GPS UIF #*4 JU XBT FTUJNBUFEUIBU '9 05$ WPMVNFT ESPQQFE UP USJMMJPO B EBZ JO "QSJMBGUFS QFBLJOH BU USJMMJPO B EBZ JO 4FQUFNCFS 5IFEFDMJOF XBT DMFBSMZ TFFO BU XIFSF WPMVNFT ESPQQFE GSPN

IJHIT PG CJMMJPO "%7 UP BSPVOE CJMMJPO JO As the crisis hit, traders using inter-dealer platforms suddenlyhad to worry about the solvency of the market-maker banks. 5IJT DPOUSBTUFE XJUI UIF $.& XIJDI TBX NVDI TNBMMFS EF-DMJOFT JO '9 USBEJOH WPMVNFT

8IJMF UIFSF JT OP RVFTUJPO UIBU '9 GVUVSFT IBWF CFOFmUUFE GSPNB nJHIU UP RVBMJUZ GPMMPXJOH UIF mOBODJBM DSJTJT WPMVNFT XFSFactually picking up steam much earlier. In addition to the creditsafety of exchanged based trading, the rise in automated trad-ing and the existence of a multi-asset offering at exchangeshas driven higher volume levels. For example, computers havehelped popularize active trading strategies such as spread

trading and correlations. As a result, automation of these strat-

egies that for years were limited to rms with large IT budgetssuddenly became available for a wider audience of traders.

One such platform that took off as a result of the new popu-MBSJUZ PG GVUVSFT XBT 9@53"%&3 GSPN 5SBWithin its futures trading interface, the platform also includ-ed an add-on for spread trading. Traders were able to easilywatch multiple legs of a product and determine if one contractdate was becoming more expensive than another. On suchsituations, spread traders would simultaneously enter longand short trades, and capture the spread.

While spreading was specically popular with xed incometraders, the strategy migrated along all asset classes andQBWFE UIF XBZ GPS DPSSFMBUJPO USBEJOHB TQSFBE USBEF XJUIJO POF QSPEVDU T EJGGFwithin the same asset class, correlation trading involves strat-egies that benet from deviations among tightly correlated as-TFUT 5IF TUSBUFHZ HBJOFE USBDUJPO EVSJOiNBSLFU OFVUSBMw IFEHF GVOET HBJOFE JO QPopen directional trades, where traders would need to pre-dict the future moves of an asset, market neutral strategieswere based on nding correlated baskets of products andbuying the underperformers while selling the outperform-FST %VF UP UIF EJWFSTF TFU PG GVUVSFTCFDBNF BO JEFBM FOWJSPONFOU GPS DPSSFMas more and more traders were entering similar trades, itled to a crowded market and diminishing returns. To boostprots, traders began to increase leverage of what they haddeemed as safe strategies.

This is Where FX Comes In

With the abundance of cheap money, traders found excellentUFSNT UIBU BMMPXFE UIFN UP iMFWFSBHF VQUP UIF 64 EPMMBS T MPX JOUFSFTU SBUFT BOback quickly became the funding currency of choice. As trad-FST CPSSPXFE BOE TPME EPMMBST JU MFE UPweakening relative to all asset classes. The result was a tightercorrelation between currencies and other asset classes. Assuch, suddenly betas of forex pairs, commodities, equities,FUD CFDBNF NPSF PS MFTT JO MJOF 'JHVSFDBMMZ TIJOFE JO UIJT FOWJSPONFOU BT UIFmarkets, tight spreads, and massive liquidity made it easierUP BDUJWFMZ USBEF DPSSFMBUJPO JOFGmDJFONPSF USBEFST JODMVEJOH '9 GVUVSFT JO UIFJS



Single Dealer Platforms Putting their Foot Down inInstitutional FX4JOHMF EFBMFS QMBUGPSNT 4%1 T BSF BO iBMM JO POFw QMBUGPSNT

that banks provide for their clients to disseminate their servic-FT 1MBUGPSN PGGFSJOHT JODMVEF FYFDVUJPO GBDJMJUJFT PO UIF CBOL Tliquidity, post trade analysis and proprietary research. Whilethe platforms have been around since the early e-trading days,banks were initially marketing them as a means to distributetheir research to clients. As trading has evolved over the lastten years, as well as volatile periods that included the global -nancial crisis and greater sensitivity to liquidity and credit lines,TFSWJDFT QSPWJEFE CZ 4%1 T IBWF BMTP CFFO CPMTUFSFE 5IF SF-sult has been an increase in trading tools with more efcientfeatures to provide clients with full working capabilities on theirsingle dealer platforms.

5IF MBSHFTU '9 CBOLT MJLF %# 6#4 BOE #BSDMBZT IBWF JO-vested heavily in their own bespoke trading platforms forclients over the last twenty years. After the rst multi dealerQMBUGPSNT .%1 T XFSF MBVODIFE JO CBOLT XFSF TJEF-lined by clients who were looking at high-tech terminals witha wide range of features, but most importantly competitiveQSJDJOH 5IF 4%1 XBT FOEBOHFSFE BT UIF NVMUJ CBOL QPSUBMTwere proving to ll the all important gap of competitive pricingBOE EFFQ MJRVJEJUZ XJUI B TPQIJTUJDBUFE UFSNJOBM )PXFWFS BTUIF '9 NBSLFUT IBWF NBUVSFE DMJFOU OFFET BOE SFRVJSFNFOUTIBWF BMUFSFE QSJDF JT JNQPSUBOU CVU VTFST BSF BMTP TFFLJOHOFX UPPMT UP BEE WBMVF UP UIFJS USBEJOH $POTFRVFOUMZ UIJT IBTled to a new phase of single dealer platforms with advancedofferings including aggregated pricing, which banks internalizeto offer liquid contracts, pre and post trade services and mostimportantly research and trading ideas.

" 4%1 DBO PGGFS CBOLT OVNFSPVT BEWBOUBHFT NPTU JNQPSUBOUMZall the hard work that goes into research and creating the tradeideas is complemented with a sophisticated executing venue,XIFSFCZ UIF CBOL BDUVBMMZ UBLFT PO CPBSE DMJFOU nPX

#BOLT IBWF GBDFE OVNFSPVT DIBMMFOHFT XIFO DPNQFUJOHBHBJOTU UIF NVMUJ EFBMFS QPSUBMT XJUI UIF MJLFT PG '9BMM BOE$VSSFOFY &$/ T IBWF CFFO HFUUJOH NPSF PG UIF DPWFSBHF BTthe depth of their products and features have favoured the'9 USBEJOH DPNNVOJUZ 5IF NVMUJ EFBMFS QMBUGPSNT BMTP PGGFSVTFST nFYJCJMJUZ XIFO XPSLJOH XJUI BVUPNBUFE BOE BMHPSJUINJDtrading systems, while simultaneously providing favoured pric-JOH "T TVDI .%1 T XFSF CVJMU XJUI TPQIJTUJDBUJPO BOE DMBTT JONJOE JOUVJUJWF (6* SPCVTU BHHSFHBUJPO UPPMT BOE EJWFSTF PSEFStypes such as sweeps, triggers, and time varying orders. ForUIF NVMUJ EFBMFS QMBZFST UIF FBSMZ T XFSF UIF CPPN ZFBSTas volumes migrated from voice to electronic markets, and

QMBUGPSNT MJLF $VSSFOFY '9BMM BOE -BWB

banks and non-bank nancial institutions.

"OPUIFS SFBTPO GPS UIF HSPXUI JO .%1 T BSsociated with the development of a full single bank tradingTPMVUJPO GPS mSNT MPPLJOH UP PGGFS UIFJSresponse to the expenses, third party vendors have sprungup to provide nancial institutions with their own brandedQSPEVDUT 5IF NBJO UFDIOPMPHZ QSPWJEFST BMJO -BC BOE &VSPCBTF *OUFHSBUJPO TFSWDPNQBOJFT TVDI BT 4PMBDF 4ZTUFNT BOE %FBCBOLT UIF GVMM DBQBCJMJUJFT UP JOUFHSBUvironment, pricing engine, client position keeping, margin lev-

FMT USBEF FYFDVUJPO BOE DMJFOU SFQPSUJOcosts can still be high due to all of the integration aspectsinvolved with con-OFDUJOH B CBOL T GVMMslate of services to itsplatform.

Another advantage of the multi dealer plat-form is the ability fortraders to work withfewer applicationsBU PODF 3BUIFS UIBOrun multiple softwarepackages from vari-ous banks, in a multidealer offering, trad-ers can consolidatetheir platforms. In re-sponse, single dealerQMBUGPSNT IBWF CFHVO UP VTF SJDI JOUFSOFthat enable users to call up only specic windows and termi-nals that they need.

As a result of staying competitive, single dealer platforms havebeen increasing their volumes, along with the overall gains inUIF '9 NBSLFU 0WFS UIF MBTU TJY ZFBST '9UJDJQBOUT XIP XFSFO U USBEJUJPOBMMZ FYQPing, such as pension funds and money managers.

The Technical Infrastructure Managing Data andLatency Most single dealer platforms are web-based and are builtwith rich internet applications. As technologies have beenadvancing and development frameworks such as Silverlight

Mark Briant Evans


8/12If you have any questions or comments please contact us at [email protected]

Poland Forex CountryReport

Key Facts:1PQVMBUJPO 'JHVSF$VSSFODZ ;MPUZ 1-/.FNCFSTIJQ &6 /"503FHVMBUPS 1PMJTI 'JOBODJBM 4VQFSWJTJPO

"VUIPSJUZ 1'4"

Economic Overview

"GUFS UIF DPMMBQTF PG UIF 4PWJFU 6OJPO 1PMBOE RVJDLMZ QVU FG -forts in expanding its trade with the West. The result was thatCZ PG JUT JNQPSU FYQPSU XBT XJUI UIF &6 XJUI JUTOFJHICPS (FSNBOZ CFJOH JUT CJHHFTU USBEJOH QBSUOFS 1PMBOE THPWFSONFOU JT DPOTJEFSFE QSP CVTJOFTT BT JUT DPSQPSBUFincome tax level is one of the lowest in the region.

4JODF 1PMBOE IBT FYQFSJFODFE TUFBEZ (%1 HSPXUI&WFO EVSJOH UIF HMPCBM mOBODJBM DSJTJT PG 1PMBOEsaw economic growth and averted a recession, due to thesize of its population, as well as the economic diversity.

$VSSFOUMZ 1PMBOE SFNBJOT BO BUUSBDUJWF MPDBUJPO GPS GPSFJHO JO-vestment, with many rms opening up industrial manufactur-ing plants in the country.

Forex Landscape)BWJOH B EFWFMPQFE DBQJUBM NBSLFU JO UIF GPSN PG UIF 8BS-saw Stock Exchange has led to a thriving Forex industry in1PMBOE 5IF MPDBM NBSLFU JT MFE CZ 1PMJTI CSPLFS 95# XIJDIhas been an aggressive marketer in the country as well as inother Eastern European countries. The company has ofcesJO &VSPQFBO DPVOUSJFT "GUFS 95# JU JT FTUJNBUFE UIBU 5.4JT UIF TFDPOE CJHHFTU 1PMJTI CSPLFS IPXFWFS "ENJSBM .BSLFUTrecently entered the local market and is aggressively increas-ing market share at the expense of the local players. The largepopulation has also led to a multitude of foreign brokers enter-JOH UIF NBSLFU JODMVEJOH 4BYP #BOL BOE $JUZ *OEFY

95# JT B SFMBUJWFMZ FTUBCMJTIFE 'PSFY CSPLFS BT JU CFHBO PG -GFSJOH '9 USBEJOH JO 5IF DPNQBOZ BEWFSUJTFT IFBWJMZ JO1PMBOE BOE JUT BET BSF TFFO POMJOF JO QSJOU BOE PO UFMFWJTJPO 5IFZ BSF BMTP B TQPOTPS PG BO ' SBDJOH UFBN 0OF PG 95# TNBSLFUJOH NFUIPET JT UIF VTF PG EFNP USBEJOH DPOUFTUT 95#PGGFST 'PSFY USBEJOH UISPVHI UIF .5 QMBUGPSN BOE IBT TFQB-

rate platforms for its equity and options products. TMS alsobegan offering Forex trading in 2002, and currently marketsUIF QSPEVDU XJUI UXP CSBOET 5.4 BOE (0 9 8JUIJO UIF MPDBMNBSLFU 5.4 JTO U DPOTJEFSFE UP CF BO BHHSFTTJWF NBSLFUFS)PXFWFS UIFZ EP PGGFS BO POMJOF DVSSFODZ FYDIBOHF TFSWJDFDBMMFE (0$BTI XIJDI IFMQT SBJTF BXBSFOFTT GPS UIF CSPLFS

*OUFSFTUJOHMZ 1PMJTI CBOLT IBWFO U CFFO WFSZ JOWPMWFE XJUI PG -fering Forex trading. This is due to the existence of healthytrading volumes from traditional trading products such asTUPDLT BOE GVUVSFT )PXFWFS EVF UP UIF JODSFBTF JO 'PSFY JO-

Average ination rate in 2000-2011

0,0%

2,0%

4,0%

6,0%

8,0%

10,0%

12,0%

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

terest as well as seeing foreign institutions begin to marketJO 1PMBOE NPSF CBOLT IBWF CFHVO UP PGGproduct.

.BSLFUJOH JO 1PMBOE 'PSFY DPNQBOJFT IBWmedia outlets to advertise with. They include general newsportals like www.waluty.onet.pl and www.biznes.interia.pl , annancial sites like www.stooq.pl . Forex only portals includewww.fxone.pl .

Expanded Report is available in Forex Magnates web-sites Research section

GDP and ination levels have remained steady in Poland since the 1990s. However, unemployment remains aconcern for the country. This is partially due to the coun-trys historically large agricultural workforce. With the sec-tor becoming less important to the overall economy, it has

led to job losses.

Unemployment rate in 2000-2011

0,0%

5,0%

10,0%

15,0%

20,0%

25,0%

2 00 0 2 00 1 2 00 2 2 00 3 2 00 4 20 05 2 00 6 2 00 7 2 00 8 2 00 9 2 01 0 2 01 1


9/12If you have any questions or comments please contact us at [email protected]

Devexperts - the new phase in platform development The online Foreign Exchange trading market has been domi-OBUFE CZ B IBOEGVM PG USBEJOH QMBUGPSNT #SPLFST XIP FOUFSFE

UIF NBSLFU JO UIF FBSMZ T TUBSUFE PGG XJUI UIFJS PXO VOJRVFproprietary platforms, but as the market grew and expandedUIF XIJUF MBCFM DPODFQU nPVSJTIFE BOE OFX mSNT XFSF TFU-ting up using existing off the shelf technology which was theTUBOEBSE JO UIF NBSLFU %FWFYQFSUT B mOBODJBM UFDIOPMPHZ mSNhad developed its trading platform exclusively for a couple of DMJFOUT JO mOBODJBM EFSJWBUJWFT PVUTJEF 3VTTJB 5IF QMBUGPSNhas been very successful and came with a wide range of use-ful features from a trader and broker perspective.

'PSFY .BHOBUFT UFBN DBVHIU VQ XJUI %FWFYQFSU T 71 PG '91SPEVDUT 4UBOJTMBW 4UPMZBS UP mOE PVU BCPVU UIF mSN BOE JUTproducts as they prepare to release a new trading platformaimed at the masses.

Please provide background of the company, projects you have worked on in the past, company registration,directors and their expertise.

%FWFYQFSUT JT B mOBODJBM TPGUXBSF EFWFMPQNFOU DPNQBOZ XJUIIFBERVBSUFST JO 4U 1FUFSTCVSH 3VTTJB 0VS 3 % DFOUFST BSFMPDBUFE JO 4U 1FUFSTCVSH BOE 3PTUPW PO %PO XIJMF PVS TBMFTPGmDFT BSF JO +BQBO BOE UIF 64" %FWFYQFSUT JT MFE CZ B UFBNof dedicated professionals, each with 10+ years in nancialsoftware industry. Ten years ago, we made a decision to havea very clear focus and become experts in a specic area. Eventhough from time to time there were multiple opportunities toengage in various projects not related to nancial industry, wewere able to stick to this decision maintaining our focus andHSPXJOH FYQFSUJTF 8FMM BDUVBMMZ POF PG %FWFYQFSUT TPMVUJPOTmonitoring system, is not directly related to nancial indus-try, but the core of this system is the same high-performancemessage bus that has been created in-house for our tradingplatforms.

Why has the company only worked with two non-Rus-sian companies in the past?

For quite some time we have two major clients, at the sametime we also have enjoyed working with nancial companiesJO UIF 3VTTJBO NBSLFU GPS PWFS ZFBST .BKPS TFDVSJUJFT CSP-LFST JODMVEF ,JU 'JOBODF #'" BOE 04- "EEJUJPOBMMZ 3VTTJB TFYDIBOHFT 354 BOE .*$&9 SFDFOUMZ VOEFSXFOU BO . " JOUP.PTDPX &YDIBOHF IBWF CFFO PVS DMJFOUT TJODF

$VSSFOUMZ .*$&9 354 VTFT %FWFYQFSUT '"45 BOE '*9 HBUF-XBZT BT XFMM BT NPOJUPSJOH TZTUFN ."34 0WFS UIF MBTU UXP

ZFBST PVS TBMFT NBSLFUJOH JOUFSFTUT IBgraphically, we opened representative ofces in Tokyo and

Shanghai, in addition to our presence in USA.

%VSJOH MBTU ZFBS XF IBWF CFFO XPSLJOH XJUclient on one of the most intriguing projects yet to come out of the company. It is scheduled for launch this autumn.

We are also working on an exciting project for equities andderivatives in Asia. It is working with a partner rm in India andis looking at a solution to launch high frequency trading onUIF MFBEJOH TUPDL FYDIBOHF /4& /BUJPOBMJO .VNCBJ

%FWFYQFSUT JT BMTP B NBSLFU EBUB WFOEPdata for all US-traded instruments as well as historical data,corporate actions and fundamentals.

8F CFMJFWF %FWFYQFSUT JT CFDPNJOH B CFvice/solutions vendor for the nancial industry. We feel that wehave not spent enough resources on sales and marketing inthe past, as per our new growth strategy this will be changing.

What are the main reasons why you decided to offer your platform to the wider market?

For the past several years we were regularly receiving leadsTVHHFTUJOH TPNF CSPLFST XFSF XJMMJOH UPTPGUXBSF WFOEPS TZTUFN QSPWJEFS CBTFEBOE QSPWFO SFDPSE JO UIJT EPNBJO )PXFWFSFOUT XFSFO U SFBEZ UP NBLF TVCTUBOUJBMpensive project of developing their system from scratch.

/PXBEBZT DMJFOUT SBUIFS GBWPS BO PQUJPOto use system to jump-start their business, which may befurther developed and customized according to their needsas they go.

So, one day we realized we have enough experience anddomain knowledge to build a generic online-trading sys-tem and offer it as a simple, yet powerful turnkey solutionor substantial parts of it as building blocks for more complexenvironments.

What makes your platform different?

Over the last decade we have built platforms that were testedin the most difcult market conditions, the rapid price move-NFOUT PG BOE UIF .BZ i'MBTI $SBT



Major News of theQuarter

NFA hits FXDD with multiple charges includingasymmetric slippage, ne will cost it over $3.5m 5IF /'" SFWFBMFE UIBU JUT BVEJU PG '9%% TIPXFE EFmDJFODJFT JO UIF CSPLFS T SFDPSE LFFQJOBOE PUIFS BSFBT PG UIF mSNT PQFSBUJPOT /'" NBZ mOF '9%% BU MFBTU NJMMJPO EVF UPaward slippage to the broker when it was in its favor, as opposed to when the price favored the customer.

Read the entire article

FXCM Japan gets away without businesssuspension "GUFS CFJOH DIBSHFE CZ UIF +BQBO '4" GPS TFWFSBM BDDPVOUT PG WJPMBUJPOT PG QSPDFEVSFT '9TJPO PS mOF 5IF mOBM WFSEJDU XBT GPS '9$. UP EFMJWFS UP UIF +BQBO '4" B QMBO PO IPX JU XBQQMJDBUJPO PG UIF QMBO XJMM CF USBDLFE RVBSUFSMZ BOE UIF GBJMVSF UP EFMJWFS PO UIFEFDJTJPO XBT WJFXFE QPTJUJWFMZ BT UIF MBOHVBHF PG UIF OPUJDF XBT TP IBSTI UIBU NBOZ JO UB CVTJOFTT TVTQFOTJPO *O JU 2 mMJOH '9$. SFWFBMFE UIBU JU QBJE BCPVU NJMMJPOclients probably to settle this case.

Read the entire article

July



Detailed broker information forthe largest brokers in terms of

volume

FXCMSaxo Bank

AlpariIG GroupOANDA

Gain CapitalGFTCMCFxPro

GMO Click SecuritiesDMM.com

CyberAgent FX Money Partners

Gaitame.com


12/12

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Forex Magnates Q3 2012 Preview

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