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. 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 firstname.lastname@example.org
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:
Swedish Krona Pairs
Norwegian Krone Pairs
Danish Krone Pairs
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To see spreads on krone crosses please visit our spread page: http://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, spreads can be quite high and it is recommended to trade during Scandinavian (European) trading hours.
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
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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.