CQG Partners with Direct FX, Enters Forex Realm with Quantic Money Manager Challenge

CQG, a US-based multi-asset provider serving a variety of global markets, and known for its widely used futures platform, has ventured into the 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 space with a partnership announced today with Australia-based Forex broker, Direct FX Trading Pty Ltd (Direct Fx), resulting in the offering of "CQG FX" as a platform based on a joint initiative between the two companies, according to a CQG statement.

The product will be used in an ongoing semi-annual trading competition where proprietary traders will compete for allocations - throughout each six-month period -to manage a piece of a $10 million dollar pie.

CQG has been serving the financial world for more than three decades, specializing in futures, equities, fixed income, and now Forex. Their partnership with FX represents the latest ambition for the firm to use its highly advanced Analytics Analytics Analytics may be defined as the detection, analysis, and relay of consequential patterns in data. Analytics also seeks to explain or accurately reflect the relationship between data and effective decision making. In the trading space, analytics are applied in a predictive manner in an attempt to more accurately forecast the price. This predictive model of analytics generally involves the analysis of historical price patterns that are used in an attempt to determine certain price outcomes. Analyt Analytics may be defined as the detection, analysis, and relay of consequential patterns in data. Analytics also seeks to explain or accurately reflect the relationship between data and effective decision making. In the trading space, analytics are applied in a predictive manner in an attempt to more accurately forecast the price. This predictive model of analytics generally involves the analysis of historical price patterns that are used in an attempt to determine certain price outcomes. Analyt Read this Term capabilities for a Forex offering. Furthermore, CQG has relied on the use of bourgeoning talent for Forex trading via a competition with Quantic Asset Management. It's also understood, as explained to Forex Magnates' reporters by people close to the company, that First Derivatives is helping to power Direct FX, and apparently that relationship has continued since we first reported about it in 2012.

Opportunity to Join the Asset Management Team

According to Mike Glista, Director at CQG, in a recent statement on the challenge, "CQG is pleased to have been selected as the technology for Quantic's Money Manager Challenge. The CQG FX framework is built on proven technology used by derivatives traders for 30+ years. This combined with Direct FX's experience in the FX space will prove to be a valuable tool to the industry."

The challenge will look to target professional traders with the aim of winners joining the Quantic Asset Management Team using an initial $10,000,000 allocation. Furthermore, trade analysis will be monitored and moderated by Amplify Trading, portending future contests of this nature as well – the launch is scheduled for July 1, 2014.

Joseph O'Mara, Direct FX CEO shared with Forex Magnates regarding the news,"We can't overstate our enthusiasm to be working with an industry leader like CQG. Our recent collaboration between Quantic and CQG shows our commitment to FX trading community. We have put a focus on delivering the best technology to our partners, and this integration gives us a giant step in that direction," Glista added.

“We had the privilege to be among the first to know about the launch of the CQG FX platform. Our immediate, natural reaction was that we had to be part of it. That's how the Money Manager Challenge was born,” added the Quantic Asset Management Team.

In similar news that Forex Magnates had last written about regarding the subject of using a trading contest to source talent for proprietary trading capital, the mobile platform TopTradr was reviewed, and brought elements of social trading into the picture as well.

The CQG FX solution is an advanced platform for traders to approach this interesting space of contest driven prop-shops, to compete for capital allocations, and using the advanced tools provided in the software platform that the firm has already proven its ability to deliver on for industry professionals in other instruments such as the floor-brokers and traders in the pits of the futures exchanges trading listed products, and will now be applied to see how it fares on the FX side.