Joe Morgan
Joe Morgan

Social Media – helping to facilitate FX workflows across all channels

As a global market operating at almost every waking hour, FX has always been highly attuned to the flow of information, ideas and news. It should then come as no surprise that institutional FX firms and traders are starting to explore the new possibilities that social media communication tools bring. Joe Morgan investigates what these are.

Stefan Basiuk, co-founder of LetstalkFX, a specialist social network for market participants in the FX industry, says major sell side firms and institutional FX providers are certain to find that the nascent world of social media will have a major impact on their business model, perhaps sooner than they think. “Governments are now being changed by social media.  Anyone who somehow believes that the financial markets are not part of this new world will be mistaken,” says Basiuk. “It is a slow process. But in the next 18 months I think we will see a huge shift in the way banks interact with their clients and do business.” Linkages Banks and FX institutions are awakening to the new possibilities offered by technology which links market participants together. For example, Equinix, the global data center specialists, in October this year launched “marketplace”, a networking service which enables more than 4,000 firms based within its network of data centers to...continued

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