Japanese broking giant, Monex Group, has opted to stop offering its Tradable service, which will begin discontinuing new transactions as early as next month, according to a Monex statement.
The decision by Monex represents a staunch departure from just two years ago, when the broker jettisoned its MT4 capabilities for Tradable, in essence cutting the chord on the most utilized platform in the foreign exchange (FX) industry. During September 2014, the broker had opted to revamp the core of its offering, as explained at the time by Toshihiko Katsuya, President of Monex FX.
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Despite the decision to relinquish its Tradable service, it is presently unclear what direction or solutions Monex will move towards. In a recent company statement, Monex has stated that it will be releasing more details shortly to clients.
Earlier this month, Monex made headlines after it reported its monthly business metrics and FX volumes for March 2016, which were underpinned by declining figures on both fronts in what had been its worst month of the calendar year thus far. The Japanese broker’s Daily Average Revenue Trades (DARTs) had already been in decline since January, which retreated to just 288,349 DARTs during March 2016 – this was reflective of a loss of -18.6% MoM from 354,366 DARTs in February 2016.