Many banks and large interdealer brokers seem to take this approach: instead of developing their own retail forex trading platform they simply white label a ready solution. CitiFX Pro white labels Saxo Bank’s platform, dbFX and MF Global used to white label FXCM’s solution and E*Trade too took FXCM’s white label only a month ago.
There were rumours for some time now that HSBC is ready to enter the retail forex space and now we learn that HSBC is white labelling OANDA’s fxTrade platform and will offer it through its Hong Kong branch to retail forex traders. OANDA’s white labels include RBS and ABN Amro but HSBC is definitely now becoming the biggest of them all. You can see the platform live here: http://www.hsbc.com.hk/1/2/home.
This is what Michael Stumm, OANDA’s CEO, had to say about this deal: “We’re delighted and honored that a leading bank such as HSBC has launched its new retail forex platform using OANDA’s leading-edge technology, making it available to HSBC’s vast customer base. Our extensive experience in creating trading technology and providing retail forex services is a natural complement to HSBC’s well-established institutional forex offering.”
HSBC today announced the strengthening of its FX franchise with the release of a Margin FX trading service to retail customers in Hong Kong.
Through a strategic relationship with OANDA Corporation (OANDA), this development is an important step in the overall strategy to continually enhance and broaden the HSBC FX offering to clients.
Utilising cutting edge trading technology, the Forex trading platform receives streaming prices from HSBC’s global Foreign Exchange dealing desks, direct to the desktops and mobile devices of HSBC’s qualifying retail customer base.
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Global Head of FX and Commodities at HSBC, Frederic Boillereau, said: “We are delighted to announce this development for HSBC’s FX business through this important partnership. By combining our global liquidity and pricing capabilities with OANDA’s proven platform and expertise, we will be able to deliver notable value to yet another new segment of our extensive client base.”
“Strategic technology investment, answering the needs of our broad array of client types continues to be a fundamental focus for us. Ease of access to our prices and liquidity is demanded by all customer types and retail traders are no different.”
HSBC’s Margin FX platform evolves the retail FX trading space providing a real-time margin trading solution for sophisticated investors and wealth customers as part of our existing banking platform.
Following HSBC’s 46% growth in volumes recorded in the 2011 Euromoney FX poll, the Margin FX release is a further delivery in the global FX and commodities business strategy. The business continues to respond to the evolving market and changing needs of customers throughout the broad spectrum of FX customers and clients it serves.
James Carter, Head of Margin FX at HSBC, commented: “In providing this Margin FX capability into our existing HSBC online banking systems we have combined the strengths of two business groups of our global bank, offering our customers a truly integrated FX trading experience. Security of customer funds and the ability to transfer instantly between integrated, yet segregated bank accounts is uniquely convenient to bank trading customers.”
The Margin FX platform is available now to qualifying HSBC customers in Hong Kong.