OANDA consolidates operations, wraps up Dubai office

Given the tough market conditions many brokers are preparing themselves for the times to come. Some cut down jobs, some diversify their offerings, while others consolidate offices. What's certain, and as was discussed at our M&A panel at our Summit 2012 last week, is that 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 brokers are going to continue to suffer. I personally believe that the bigger they are the less chances of survival they have unless they take drastic measures immediately.

OANDA apparently consolidated its activities in the Middle East and the business in the region will now be managed from the UK office.

When contacted by Forex Magnates OANDA provided us with the following quote: "Earlier this year, OANDA consolidated our Middle East and European operations into a single entity to be managed from our London office. We placed a notice to this effect in the Gulf region's chief newspaper back in August. This was a business decision made to improve our ability to serve the Middle East market by making more resources available to build traction in the region. As part of this change, Paul Hayward, formerly the Managing Director of OANDA Middle East Corporation, relocated to London and as OANDA's Managing Director of EMEA, continues to build our client base across the Middle East. Paul maintains a close working relationship with the Dubai Financial Services Authority (DFSA) as Dubai and the Gulf region remains key to our future growth plans."

OANDA recently launched several innovative products, lowered its spreads and won our Best FX Broker Award.