Following the multitude of recent rumors about FX Solutions closing down in the US or looking to move offshore I’ve had a chance to discuss this with FX Solutions’ newly appointed CEO – David Trew.
David, congratulations on your new position. Can you please tell us a bit about your background and what happened to the previous CEO – Michael Cairns?
Thank you Michael. It’s my 4th week in the office now here at FX Solutions where I’m responsible for the North and South American operations. Prior to that I was the CEO Asia Pacific for City Index and prior to that I held the same position at CMC Markets. My expertise is hence in Forex
Forex
Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi
Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi
Read this Term and CFDs.
Michael Cairns moved on to head the Middle Eastern operations for City Index.
Can you tell us a bit about your current plans, and specifically why did the closing down rumors surfaced?
These rumors are not true. We are not closing down and if anything we intend to acquire businesses. These rumors probably started because we let about a dozen employees go, but that’s just 12 employees out of 75 we had in the US. So now we are a little over 60 employees and have no intention to close the business.
FX Solutions is a daughter company of City Index which is a large company with healthy balance sheet and more than enough capital to meet US retail forex requirements. Current changes were due to a decision to restructure the forex business within the group – in many occasions FX Solutions and City Index finds themselves compete in the same markets and it was time we changed this. What will happen from now on is that FX Solutions will focus on American markets while City Index will continue focusing on all others. As the immediate focus of FX Solutions is not global anymore we had to reduce some of the staff.
You say you are acquirer of business but I don’t think I remember FX Solutions ever acquiring any business, how will this work?
FX Solutions itself didn’t acquire any business so far, that’s true. However City Index, which is essentially a house of brands, made quite a few acquisitions in the past few years. In 2005 City Index acquired finspreads, in 2006 it acquired IFX Markets and in 2008 City Index acquired FX Solutions from Francisco Partners. It recently acquired CBD – a mobile Online Trading
Online Trading
Online trading represents the trading of fiat currencies, digital currencies, commodities, stocks and indices, where traders and investors intend to make a profit, via the purchase or sale of the aforementioned products. This is done through an electronic network, made accessible by brokers in the form of an online trading platform or hub.Online trading continues to see a rapid growth year on year, due to a number of reasons. Firstly, the number of brokers offering their services, with more mone
Online trading represents the trading of fiat currencies, digital currencies, commodities, stocks and indices, where traders and investors intend to make a profit, via the purchase or sale of the aforementioned products. This is done through an electronic network, made accessible by brokers in the form of an online trading platform or hub.Online trading continues to see a rapid growth year on year, due to a number of reasons. Firstly, the number of brokers offering their services, with more mone
Read this Term application provider. FX Solutions sees an opportunity in the recent consolidation in the US and will continue this trend.
What differentiates FX Solutions from other forex brokers in the US?
There are several differences. We offer our own proprietary GTS platform and we offer fixed spreads even during volatile times – this is a huge advantage in this market as people are looking for stability and prices they can rely on. This is also a big advantage for EA traders who often look for fixed spreads as it contributes to their EA’s performance. We also offer several platforms – GTS Desktop, Web and Mobile and MT4. Another advantage here is that the back office between all these platforms is synchronized meaning that reporting for MT4 platform for traders is through our GTS backend – which is more convenient than MT4’s standard one.
From what I know GTS didn’t really pick up in the US, is that so?
No, GTS accounts for 2/3 of our business while MT4 for the remaining 1/3.
Do you use third party MT4 providers like Boston or is it your own bridge and support?
It’s our own.
Can you provide any details about the deal that took place between FX Solutions and City Index?
As publicly known Francisco Partners invested $100 million in FX solutions in 2007. City Index then acquired Francisco Partner’s stake and what happened then is a share swap between City Index and FX Solutions. FX Solutions received 20% of City Index shares in exchange of 100% of their own shares.
Can you provide us with information about FX Solutions and City Index’s volumes?
I can’t comment on City Index but FX Solutions turnover is in the $40-45 billion/month region.
Official corporate announcement is below: MANAGEMENT TEAM RE-FOCUS AT FX SOLUTIONS HELPS DRIVE EXPANSION INTO NEW GLOBAL FOREX MARKETS
June 2, 2011, Saddle River, New Jersey, US: FX Solutions (www.fxsolutions.com), one of the world’s leading retail Forex brokers and market makers and part of the City Index group of companies, has appointed a new CEO of its Americas business, and a Managing Director of the Middle East offering, to adapt to the growing opportunities in global FX trading.
Following a highly successful period running City Index’s Asia Pacific (“APAC”) office, David Trew, has become the CEO of FX Solutions LLC. Under Trew, City Index’s APAC business has seen substantial growth, including a three-fold increase in new funded accounts year-on-year in Australia. His previous experience includes heading up CMC Markets’ Asia Pacific office, where he oversaw its growth from a start-up to a 350-employee business, spanning 11 offices in six countries, and accounting for nearly 50 percent of the company’s global revenues. Trew will be responsible for FX Solution’s Americas business, overseeing the company’s strategy for the region.
Michael Cairns becomes Managing Director of Middle East operations, where he will spearhead the Groups’ offering throughout the region. Cairns, formerly CEO of FX Solutions LLC in New York, whose extensive expertise in expanding the US forex business will be invaluable in helping the company seize the growth opportunities in the forex markets of Arabic-speaking nations. Cairns has been with FX Solutions since its inception in 2001 and has played a vital role in developing the business rules and logic behind the award-winning GTS platform.
FX Solutions prides itself on providing advanced trading technologies, transparency of transaction and customer service. The company services retail clients, white label partners, institutional trading partners and introducing brokers in over 140 countries.
About FX Solutions
FX Solutions is a leading foreign exchange broker with a focus on advanced trading technologies, transparency of transaction and unparalleled customer service. FX Solutions serves retail clients, white label partners, institutional trading partners and introducing brokers in over 140 countries.
FX Solutions’ products are regulated in the United States, United Kingdom and Australia. FX Solutions in the United States is regulated as a member of National Futures Association, and registered with the Commodity Futures Trading Commission as a Futures Commission Merchant. In the United Kingdom, FX Solutions is a registered trading name of City Index Limited which is authorized and regulated by the Financial Services Authority. FX Solutions in Australia is a registered trading name of City Index Australia Pty Ltd. which is authorized and regulated by the Australian Securities and Investments Commission.
For more information, please visit our site(s): www.fxsolutions.com www.fxsol.co.uk and www.fxsolutions.com.au
Grab your latest copy of the Forex Magnates Retail Forex Industry Report for Q1 2011.
Following the multitude of recent rumors about FX Solutions closing down in the US or looking to move offshore I’ve had a chance to discuss this with FX Solutions’ newly appointed CEO – David Trew.
David, congratulations on your new position. Can you please tell us a bit about your background and what happened to the previous CEO – Michael Cairns?
Thank you Michael. It’s my 4th week in the office now here at FX Solutions where I’m responsible for the North and South American operations. Prior to that I was the CEO Asia Pacific for City Index and prior to that I held the same position at CMC Markets. My expertise is hence in Forex
Forex
Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi
Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi
Read this Term and CFDs.
Michael Cairns moved on to head the Middle Eastern operations for City Index.
Can you tell us a bit about your current plans, and specifically why did the closing down rumors surfaced?
These rumors are not true. We are not closing down and if anything we intend to acquire businesses. These rumors probably started because we let about a dozen employees go, but that’s just 12 employees out of 75 we had in the US. So now we are a little over 60 employees and have no intention to close the business.
FX Solutions is a daughter company of City Index which is a large company with healthy balance sheet and more than enough capital to meet US retail forex requirements. Current changes were due to a decision to restructure the forex business within the group – in many occasions FX Solutions and City Index finds themselves compete in the same markets and it was time we changed this. What will happen from now on is that FX Solutions will focus on American markets while City Index will continue focusing on all others. As the immediate focus of FX Solutions is not global anymore we had to reduce some of the staff.
You say you are acquirer of business but I don’t think I remember FX Solutions ever acquiring any business, how will this work?
FX Solutions itself didn’t acquire any business so far, that’s true. However City Index, which is essentially a house of brands, made quite a few acquisitions in the past few years. In 2005 City Index acquired finspreads, in 2006 it acquired IFX Markets and in 2008 City Index acquired FX Solutions from Francisco Partners. It recently acquired CBD – a mobile Online Trading
Online Trading
Online trading represents the trading of fiat currencies, digital currencies, commodities, stocks and indices, where traders and investors intend to make a profit, via the purchase or sale of the aforementioned products. This is done through an electronic network, made accessible by brokers in the form of an online trading platform or hub.Online trading continues to see a rapid growth year on year, due to a number of reasons. Firstly, the number of brokers offering their services, with more mone
Online trading represents the trading of fiat currencies, digital currencies, commodities, stocks and indices, where traders and investors intend to make a profit, via the purchase or sale of the aforementioned products. This is done through an electronic network, made accessible by brokers in the form of an online trading platform or hub.Online trading continues to see a rapid growth year on year, due to a number of reasons. Firstly, the number of brokers offering their services, with more mone
Read this Term application provider. FX Solutions sees an opportunity in the recent consolidation in the US and will continue this trend.
What differentiates FX Solutions from other forex brokers in the US?
There are several differences. We offer our own proprietary GTS platform and we offer fixed spreads even during volatile times – this is a huge advantage in this market as people are looking for stability and prices they can rely on. This is also a big advantage for EA traders who often look for fixed spreads as it contributes to their EA’s performance. We also offer several platforms – GTS Desktop, Web and Mobile and MT4. Another advantage here is that the back office between all these platforms is synchronized meaning that reporting for MT4 platform for traders is through our GTS backend – which is more convenient than MT4’s standard one.
From what I know GTS didn’t really pick up in the US, is that so?
No, GTS accounts for 2/3 of our business while MT4 for the remaining 1/3.
Do you use third party MT4 providers like Boston or is it your own bridge and support?
It’s our own.
Can you provide any details about the deal that took place between FX Solutions and City Index?
As publicly known Francisco Partners invested $100 million in FX solutions in 2007. City Index then acquired Francisco Partner’s stake and what happened then is a share swap between City Index and FX Solutions. FX Solutions received 20% of City Index shares in exchange of 100% of their own shares.
Can you provide us with information about FX Solutions and City Index’s volumes?
I can’t comment on City Index but FX Solutions turnover is in the $40-45 billion/month region.
Official corporate announcement is below: MANAGEMENT TEAM RE-FOCUS AT FX SOLUTIONS HELPS DRIVE EXPANSION INTO NEW GLOBAL FOREX MARKETS
June 2, 2011, Saddle River, New Jersey, US: FX Solutions (www.fxsolutions.com), one of the world’s leading retail Forex brokers and market makers and part of the City Index group of companies, has appointed a new CEO of its Americas business, and a Managing Director of the Middle East offering, to adapt to the growing opportunities in global FX trading.
Following a highly successful period running City Index’s Asia Pacific (“APAC”) office, David Trew, has become the CEO of FX Solutions LLC. Under Trew, City Index’s APAC business has seen substantial growth, including a three-fold increase in new funded accounts year-on-year in Australia. His previous experience includes heading up CMC Markets’ Asia Pacific office, where he oversaw its growth from a start-up to a 350-employee business, spanning 11 offices in six countries, and accounting for nearly 50 percent of the company’s global revenues. Trew will be responsible for FX Solution’s Americas business, overseeing the company’s strategy for the region.
Michael Cairns becomes Managing Director of Middle East operations, where he will spearhead the Groups’ offering throughout the region. Cairns, formerly CEO of FX Solutions LLC in New York, whose extensive expertise in expanding the US forex business will be invaluable in helping the company seize the growth opportunities in the forex markets of Arabic-speaking nations. Cairns has been with FX Solutions since its inception in 2001 and has played a vital role in developing the business rules and logic behind the award-winning GTS platform.
FX Solutions prides itself on providing advanced trading technologies, transparency of transaction and customer service. The company services retail clients, white label partners, institutional trading partners and introducing brokers in over 140 countries.
About FX Solutions
FX Solutions is a leading foreign exchange broker with a focus on advanced trading technologies, transparency of transaction and unparalleled customer service. FX Solutions serves retail clients, white label partners, institutional trading partners and introducing brokers in over 140 countries.
FX Solutions’ products are regulated in the United States, United Kingdom and Australia. FX Solutions in the United States is regulated as a member of National Futures Association, and registered with the Commodity Futures Trading Commission as a Futures Commission Merchant. In the United Kingdom, FX Solutions is a registered trading name of City Index Limited which is authorized and regulated by the Financial Services Authority. FX Solutions in Australia is a registered trading name of City Index Australia Pty Ltd. which is authorized and regulated by the Australian Securities and Investments Commission.
For more information, please visit our site(s): www.fxsolutions.com www.fxsol.co.uk and www.fxsolutions.com.au
Grab your latest copy of the Forex Magnates Retail Forex Industry Report for Q1 2011.
