Alpari UK Embraces Change with a Capital 'C'
- Key personnel changes at Alpari UK coupled with product displacements, highlights the difficulties a low-volatile, low-volume trading environment has on the retail arm of the most liquid asset class, FX trading.
After emerging from two consecutive years of corporate losses, one of UK's largest FX, CFD & financial spread betting providers, Alpari UK, is undergoing a number of strategic changes as it aims to weather the turbulent storm that hails over the global retail FX landscape.
As re-structuring takes place, both on the product and personnel level, the firm hopes to turn over a new leaf. The latest news of the departure of two key personnel; Mushegh Tovmasyan, Chief Commercial Officer, and Brian Myers, Head of Sales, both brought in to bolster the front office in 2010, is a sign of the difficulties in the sector.
For four years Alpari UK has blossomed and competed on the highest level on a global scale as FX rose to fame among global investors. In its home market, the UK, it has established itself as the main MT4 FX broker, and was one of the first providers to launch financial spread betting on the terminal.
Over this period the firm has vigorously contested with industry peers in developing and enhancing its product and platform portfolio, however, like several brokers the core offering e.g MT4, still holds solace in the retail FX market.
Unsocial Trading...
Among the wave of changes, the firm has recently discarded its social trading product, TraderConnect. The firm announced the change on its corporate website, stating: “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 forum was switched off on Monday, 2 June, 2014 and is no longer available for use.” According to a person close to the matter, the copy and mirror trading concept failed to take shape at the London-based firm.
The UK's financial watchdog, the Financial Conduct Authority, has been reviewing the status of social trading as more and more firms promote the service. The regulator wrote letters to a number of brokers and providers, and the product is expected to fall under discretionary trading rulings.
Alpari UK was unavailable for immediate comment.
Moving on...
Apart from Musheg and Brian, Chantelle Johnson, Head of Marketing and the CEO of Alpari’s Middle East operation, Iskandar Najjar left the organization last month.
This follows on from changes at top management, current CEO, David Hodge, took over from Daniel Skowronski. He became CEO in 2012 when he replaced one of the founding members, Andrey Vedikhin.
The volatile retail FX sector continues to face difficulties in light of low-Volatility Volatility In finance, volatility refers to the amount of change in the rate of a financial instrument, such as commodities, currencies, stocks, over a given time period. Essentially, volatility describes the nature of an instrument’s fluctuation; a highly volatile security equates to large fluctuations in price, and a low volatile security equates to timid fluctuations in price. Volatility is an important statistical indicator used by financial traders to assist them in developing trading systems. Traders In finance, volatility refers to the amount of change in the rate of a financial instrument, such as commodities, currencies, stocks, over a given time period. Essentially, volatility describes the nature of an instrument’s fluctuation; a highly volatile security equates to large fluctuations in price, and a low volatile security equates to timid fluctuations in price. Volatility is an important statistical indicator used by financial traders to assist them in developing trading systems. Traders Read this Term on the global markets, thus impacting trader behaviour. Latest monthly metrics from leading brokers show the slump in trading activity.
Forex Magnates expects a number of brokers to retract as they shuffle to rebuild their strategy. Alpari UK isn't alone in key personnel changes, London-based City Index and Canadian origin Oanda have succumbed to the dire trading environment.
After emerging from two consecutive years of corporate losses, one of UK's largest FX, CFD & financial spread betting providers, Alpari UK, is undergoing a number of strategic changes as it aims to weather the turbulent storm that hails over the global retail FX landscape.
As re-structuring takes place, both on the product and personnel level, the firm hopes to turn over a new leaf. The latest news of the departure of two key personnel; Mushegh Tovmasyan, Chief Commercial Officer, and Brian Myers, Head of Sales, both brought in to bolster the front office in 2010, is a sign of the difficulties in the sector.
For four years Alpari UK has blossomed and competed on the highest level on a global scale as FX rose to fame among global investors. In its home market, the UK, it has established itself as the main MT4 FX broker, and was one of the first providers to launch financial spread betting on the terminal.
Over this period the firm has vigorously contested with industry peers in developing and enhancing its product and platform portfolio, however, like several brokers the core offering e.g MT4, still holds solace in the retail FX market.
Unsocial Trading...
Among the wave of changes, the firm has recently discarded its social trading product, TraderConnect. The firm announced the change on its corporate website, stating: “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 forum was switched off on Monday, 2 June, 2014 and is no longer available for use.” According to a person close to the matter, the copy and mirror trading concept failed to take shape at the London-based firm.
The UK's financial watchdog, the Financial Conduct Authority, has been reviewing the status of social trading as more and more firms promote the service. The regulator wrote letters to a number of brokers and providers, and the product is expected to fall under discretionary trading rulings.
Alpari UK was unavailable for immediate comment.
Moving on...
Apart from Musheg and Brian, Chantelle Johnson, Head of Marketing and the CEO of Alpari’s Middle East operation, Iskandar Najjar left the organization last month.
This follows on from changes at top management, current CEO, David Hodge, took over from Daniel Skowronski. He became CEO in 2012 when he replaced one of the founding members, Andrey Vedikhin.
The volatile retail FX sector continues to face difficulties in light of low-Volatility Volatility In finance, volatility refers to the amount of change in the rate of a financial instrument, such as commodities, currencies, stocks, over a given time period. Essentially, volatility describes the nature of an instrument’s fluctuation; a highly volatile security equates to large fluctuations in price, and a low volatile security equates to timid fluctuations in price. Volatility is an important statistical indicator used by financial traders to assist them in developing trading systems. Traders In finance, volatility refers to the amount of change in the rate of a financial instrument, such as commodities, currencies, stocks, over a given time period. Essentially, volatility describes the nature of an instrument’s fluctuation; a highly volatile security equates to large fluctuations in price, and a low volatile security equates to timid fluctuations in price. Volatility is an important statistical indicator used by financial traders to assist them in developing trading systems. Traders Read this Term on the global markets, thus impacting trader behaviour. Latest monthly metrics from leading brokers show the slump in trading activity.
Forex Magnates expects a number of brokers to retract as they shuffle to rebuild their strategy. Alpari UK isn't alone in key personnel changes, London-based City Index and Canadian origin Oanda have succumbed to the dire trading environment.