FX Solutions downsizes in US due to synergies with parent City Index

FX Solutions lately somewhat downsized its staff in the US and several rumours around this were circulating the market. In order to understand the situation better I spoke with Michael Cairns, FX Solutions' CEO, who confirmed that the only reason for the recent layoffs is to cut down on duplicate positions between FX Sol and its parent City Index Group.

This is what Michael had to say: “FX Solutions remains fully committed to the US market and, indeed, to all the core markets in which we operate. As an integral part of the City Index Group of Companies, we have understandably been leveraging the synergies available to us with regard to both staffing and technology. The ultimate goal, as always, is to create efficiency and increase Scalability Scalability Scalability is a term that describes the constraints of a network via hash rates to meet increased demand. In the context of Bitcoin, scalability reflects the issue in which a limited rate can process transactions adequately.Blocks within the Bitcoin blockchain are limited in both size and frequency. The overall transaction processing capacity of the network is dictated by the average block creation time of 10 minutes as well as a block size limit of 1 megabyte. Consequently, this leads to pain Scalability is a term that describes the constraints of a network via hash rates to meet increased demand. In the context of Bitcoin, scalability reflects the issue in which a limited rate can process transactions adequately.Blocks within the Bitcoin blockchain are limited in both size and frequency. The overall transaction processing capacity of the network is dictated by the average block creation time of 10 minutes as well as a block size limit of 1 megabyte. Consequently, this leads to pain Read this Term. Our business is strong and we continue to focus on providing all of our clients with the optimal trading experience, encompassing robust technology, accurate pricing and exceptional client support. Nothing has changed.”