Professional services consultancy services are largely notable by their scarcity in the FX industry as a whole. Whilst there are some law firms which concentrate on the establishment of retail FX and binary options companies, and offer services which assist with regulatory compliance, a consultative framework is not commonplace.
Today, Patrick Mortensen, formerly of Saxo Bank, announced his establishment of FXBtoB, a new consultancy company, the services of which include assisting B2B service providers position their business towards brokers, and support companies who are looking to enter or improve their offering within the Institutional FX, Retail FX, CFD and Binary Options market.
Attendees to the iFXEXPO in Cyprus this year will have been party to a short preview of this from Mr. Mortensen during a speech which he delivered on day two of the conference detailing what he termed the “A-Z Solution Open A Brokerage”.
An International Perspective
Mr. Mortensen, an industry executive who previously held the position of Head of Institutional Marketing & Institutional Business at Saxo Bank recognizes that the market for advisory services is currently dominated by a few US based firms, and as a result believes that there is certainly a need for such consultancy in Europe, offered by a firm with a European background.
The rationale behind the launch of the new firm according to Mr. Mortensen is that “with FXBtoB we aim to provide high quality value based advisory services. The ability for new and existing brokers to navigate through the number of providers for both core- and ancillary FX/CFD services is becoming more time consuming and complex.”
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“At the same time it is becoming increasingly difficult to sell services to brokers that are often seeing an overall compression on margins. We are looking to bridge that gap to provide value added services from both ends of the table” he said.
FXBtoB will initially focus on three areas: broker start-up services, broker improvement services, and B2B marketing services.
“Many trading records have been broken in the first six months of 2013” explained Mr. Mortensen with regard to the market conditions for launching new FX brokerages and firms which offer ancillary services.
“When it comes to volume and executed trades and we’ve already been approached by companies who want advice on how to start-up new brokerages.”
“There are many opportunities right now and both employees within the industry who are looking to branch out and start-up their own broker, as well as companies who want to expand into Europe, Africa and the Middle East are attracted by the leverage possibilities and number of derivative based products that can be offered through a European license” he concluded.
Although the consultancy’s launch is effective today, FXBtoB will be present at this week’s ForexMagnates Summit in Tokyo as part of the official launch.