Cognotec reports 78% growth in trade volumes

While market surveys have shown an increased uptake in online foreign exchange trading, these have been borne out by figures released by Cognotec showing year-on-year growth in transaction volumes of 78 per cent. Globally, Cognotec’s figures show relatively stable and uniform growth (see table) with the exception of Japan, which has grown by 405 per cent year-on-year. “Japan was starting from a low base that reflects the structure of the banking industry there so the figures reflect a catch-up period,” said CEO, Brian Maccaba.Brian MaccabaTransaction Volume Growth(year ending April 2003)As users have come to accept the stability and reliability of the underlying technology, they have been able to reap the benefits of online FX services. Notably, this has allowed banks and other institutions to offer their customers trading facilities using cost-effective and readily deployable systems on a white label basis that protects and enhances their existing franchise....continued

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