FXCM breathes down Saxo Bank’s neck: makes a Northern Europe move

Looks like FXCM is not giving up to Saxo that easily. In the following press release FXCM announced that it has added 10 different Krone crosses to its current selection. The only two reasons for that move could be either a strong local client base demanding to trade its own currencies or intent to tap into this market.

As I speculated earlier Saxo might want to consider disposing of its retail assets and focusing on its institutional client base as it doesn’t really makes sense for it to deal with retail 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. FXCM on the other hand is a much more aggressive and effective firm in that market segment.

A few days ago Saxo made moves in two directions: one involved expanding its asset management clientele by acquiring two asset management firms and in the second they announced plans to expand in the Middle East where it has strong retail demand.

Knowing FXCM I’m sure this won’t the last move in that direction that it makes. It remains to be seen who’s going to make the next move in this intriguing race.

The Full Press Release:

Global Forex Firm Expands Krone Pair Offerings for Nordic Region

For Immediate Release:

Media Contact, Jaclyn Sales jsales@fxcm.com

London, June 16, 2009― Forex Capital Markets Ltd. announced they now offer 10 different krone crosses to be traded on the FXCM trading platforms.

FXCM strives to be the premier forex provider for the Nordic region. Accessing highly competitive prices from relationships with some of the world's largest banks, and as a premier "No Dealing Desk" or agency execution forex firm focusing on the Nordic countries, FXCM offers clients no dealer intervention and tight spreads as low as 1 pip.

To further support the Nordic trading community FXCM now offers 10 different krone crosses:

To see spreads on krone crosses please visit our spread page: https://www.fxcm.co.uk/forex-spreads.jsp

Please note: Margin is 2%, meaning 50 times leverage. Currently these crosses are only available for live account holders.

Due to the volatile nature of these crosses driven by thin Liquidity Liquidity The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent Read this Term, spreads can be quite high and it is recommended to trade during Scandinavian (European) trading hours.

To read more on the Nordic markets, read the Scandi Daily on DailyFX by Joel Kruger, Technical Currency Strategist at www.dailyfx.com. Request to be put on the distribution list now: Nordic@fxcm.com

FXCM aims to deliver the best forex trading technology, resources, and 24/7 customer service through its multiple trading platforms, including: FXCM Trading Station II, MetaTrader 4, and Forex System Selector.

FXCM representatives are available 24 hours a day, 7 days a week.

Direct Number: +44 207 398 4054

Toll-Free UK Sales: + 0808 234 8789

E-mail: Nordic@fxcm.com

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FXCM Holdings, LLC Facts

As of January 2009

• FXCM Holdings, LLC has over US$100,000,000 in firm capital.
• More than 125,000 live accounts are traded on FXCM trading platforms
• An average of $500 billion in notional volume is traded each month on FXCM trading platforms
• In excess of $600 million in customer funds trading on platforms offered by FXCM

Only spot FX can be traded on this MT4 platform with FXCM.

Trading FX, CFDs, and Spread Betting on margin carries a high level of risk, and may not be suitable for all investors.

Joel Kruger’s Scandi Daily on www.DailyFX.com is a quick overview of the development of the krone crosses on a daily basis together with market data.