Switching a retail FX brokerage to the multi-platform model

Heather McLean explores what issues are leading increasing numbers of FX brokers to offer multiple platforms to their customer base and the advantages this brings.

First Published: e-Forex Magazine 58 / FX Brokerage Operations / October, 2014

Retail FX brokerages are constantly evolving and growing in this dynamic market. Today, many are on the verge of deciding whether to move to a multi-platform strategy to advance their businesses further, aided by falling technology costs and pushed by client demand.  Simon Cox, CEO at Ariel Communications, says there are a number of reasons why more and more brokers are adopting a multiple platform strategy. “First, we’ve seen the wholesale costs of technology provision drop like a stone in recent years,” he explains. “It’s also much easier for brokers to outsource some or all of their IT requirements, helping them reduce operating costs. The so-called democratisation of IT means that brokers can harness new, innovative technologies and work with partners to help them realise their business goals.” Competition for FX customers remains fierce, Cox continues. “Big brokers like City Index and IG, who possess their own proprietary systems, see the sense in offering...continued

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