Edgewater, the technology, trade execution , and liquidity aggregation provider for forex and precious metals, has launched forex trading technology services for the Gulf Corporation Council currencies (Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the UAE) and Egypt.
According to a statement released today (Monday), this step aims to eliminate intermediaries and enable direct trading with local banks. Thus, Edgewater targets to enhance efficiency and innovation for its services across the Gulf region.
Bypassing Intermediaries
At the center of the new offering is EdgeFX, Edgewater's flagship technology. The technology will reportedly allow businesses in the region and those engaging with its currencies to sidestep intermediaries. By directly connecting with local banks, the company will enable direct trading while granting users access to onshore banks that control local currencies.
Brian Andreyko, the Chief Product Officer at Edgewater Markets, said: "This development marks a major shift in how foreign exchange trading is conducted in the GCC and the surrounding region. At Edgewater, our technology enables us not only to support 24 hours five days forex trading via GUI, but also to act as a credit intermediary for our clients."
Founded in 2009, Edgewater is a provider of trading technology. The company focuses on facilitating FX trading execution and liquidity aggregation for institutions seeking competitive engagement in the global market. Currently, Edgewater has a presence in the US, Singapore, the UK, Mexico, and Santiago.
Regional Expansion
A week ago, Finance Magnates reported that Edgewater had obtained approval from the Financial Conduct Authority in the UK. The company acquired the license through its subsidiary Edgewater Markets Limited. This step was accompanied by the appointment of Emanuel Georgouras as the new Chief Executive Officer for the subsidiary.
Edgewater Markets Limited, backed by the FCA, is now empowered to provide a range of financial services, including liquidity provisions and technology, to institutional clients. For over a decade, the company has engaged in FX trade execution and liquidity aggregation services.
