One of Canada’s largest FX brokers, OANDA, is expanding it’s UK operation, a move that is taking an advantage of a recent turn of fate in the European markets. With the UK’s main benchmark stock index, the FTSE100, crossing new highs, the UK’s trading environment couldn’t have been riper.
The Toronto headquartered broker’s UK office has informed Forex Magnates that it has revisited its expansion plans and is well on its way to becoming one of the top five brokers in the European FX and CFD market.
Oanda is making a number of appointments at its UK office, Forex Magnates learned in an interview with the head of the firm’s London operation. “Things couldn’t be better,” Paul Hayward, Managing Director of EMEA, explained to Forex Magnates at the London Forex Investor Show, a private investor conference held at the Olympia Conference Centre.
Forex Magnates’ team visited OANDA’s office in March 2013 for the launch of its mobile upgrade; the office was practically deserted with a handful of employees. However, as Mr. Hayward stated: “If you visit us the same time this year it’s a different story, we are aggressively expanding our efforts in Europe as part of our continued growth strategy.” The new team includes professionals who will drive sales in different regions including Germany.
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Throughout its 18 year history, OANDA has built up its reputation as somewhat of an alternative-style firm, with emphasis on its alternative marketing strategy. The firm, unlike its peers, has refrained from fancy advertisements, lucrative promotions or even working with introducing brokers, common ingredients in the way Forex brokers market themselves. However, things seem to be changing as OANDA has been heavily marketing the fact that it was the title sponsor of the London Forex Investor Show.
In 2012 OANDA saw a series of changes where members of its board were shuffled around. The appointment of K. Duker was a surprise move and brought about much change with a number of staff members departing the firm. In 2013, the firm decided to replace Mr. Duker as its leader, and in a typical OANDA fashion, Ed Eger was appointed as the new CEO. Eger, a former PayPal and Citibank executive, comes from a similar but different sector in financial services thus bringing in a distinct perspective to the game.
OANDA established its European headquarters in June 2011. The UK office comprises of 30% of total volumes under the London-based operation, as the firm targets the UK, Europe and the Middle East.
“OANDA has gradually developed its offering for the UK investor, we offer tools that enhance their experience, we also launched a range of CFDs that are highly liquid,” Mr. Hayward told Forex Magnates.
OANDA has benefited from a UK government website using its FX rates as a benchmark; the UK border agency mentions the firm’s FX rates on its website, a major plus point for its SEO marketing activities.