The second day of the iFX EXPO International 2014 kicked off today in the Grand Resort in Limassol, Cyprus, hosted by ConversionPros in conjunction with Forex Magnates. Approximately 1,500 industry figures are present, ranging from global banks and liquidity providers to companies that provide the technology which shape the online trading world.
This is a high profile event, in which exhibitors and speakers who represent the elite of the Forex and binary options industry can enjoy panel discussions about the most important events, trends and developments within the industry.
First Day Summary
During the first day, attendees focused their time and energies on forming new partnerships, vibrant discussions and new opportunities. Scouting throughout the exhibition halls, one could find a vast range of new solutions offered and a chance to meet with counter delegates. The importance of staying up to date with the latest trends within the industry in conjunction with exploring what the competition is up to, brings forward key strategical directions for attending companies.
The opening keynote speech on the first day of the conference was presented by Mr. Panos Lamprakos, Industry Manager at Google Greece, who talked about the latest online trends, such as big data analysis to identify growth opportunities for the Forex industry. He showed how internet users follow the news and look to trade on them, like in the case of Twitter’s IPO which led people to look for ways to trade on it.
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Technology Drives the Industry Forward
The first panel of the first day was about technology challenges and options in an evolving marketplace. Moderated by Forex Magnates’ Adil Siddiqui, the panel of accomplished Forex developers brought forward the many different ways in which companies have been building their products. From a fully integrated solution to bridge technologies and ways of integrating different components into one coherent system.
Integral’s CEO Harpal Sandhu, argued that an integrated solution from top to bottom is the most advanced way to make a product work sustainably in the long run. He stated that he sees that fragmented solutions on this market have a relatively short lifespan going forward. He was countered by Gold-i and oneZero who stated that they will have more to show in the coming years.
Key sources of innovation can always be found in both integrated and fragmented solutions, thus the discussion is most likely to go on with both sides sticking to their arguments. Competitors had the opportunity to discuss common challenges with the outlook to collectively conclude on how to best resolve upcoming issues. Differences of opinion and interpretations will always vary.
Another keynote speech on the first day was “The Secrets of Trading Behaviour Patterns” by Oded Shefer, who presented eye-opening figures from a large study on the issue: How traders actually trade, what makes them differ from one another, and how these insights could be harnessed for maximizing the effect of Risk Management, Marketing, Sales and Retention. Attendees learned of the great effect that traders’ language have on their behaviour and how brokers can tailor their education accordingly.
The second panel of the first day of the expo was about different approaches to managing a sales team. Moderated by Forex Magnates’ Editor-in-Chief, Erez Romas, the panel was composed of the CEOs and top executives of some of the leading brokers who disclosed what the best way is to provide incentives to a sales team in the Forex industry. Drew Niv, CEO and founder of FXCM, shared his opinion that the main problem currently with junior sales people is that they are used to instant satisfaction and therefore not willing to put in a few years of grunt work needed to advance upward.
In the last speech of the day, representatives of The Financial Commission presented issues evolving around dispute resolution in the FX industry. Attendees learned that the Commission has been gaining ground with brokers and traders in the Forex and binary options industries, and is looking to be the first body to offer a similar service to the emerging industry of digital currencies.
Similar discussions have been ongoing and will continue throughout the second day of the iFX EXPO in Cyprus. Speakers and presenters are ready to welcome attendees on the second day, with more exciting panel discussions, exhibition and speeches.