Leading online global brokerage, OANDA, which provides foreign exchange and over-the-counter (OTC) commodities, bonds, and indices, today announced that record-high volumes were reached last Friday from its client’s trading in wake of the UK’s Brexit vote that caused heightened volatility in financial markets.
The company has seven offices globally, across its regulated brands, and confirmed in a statement that all trades were executed seamlessly and with no trade rejections nor price requotes to customers, despite intense volatility last Friday and on the subsequent trading session into Monday.
Back to average spreads
Commenting in a corporate statement, Courtney Gibson, Head of Trading at OANDA, said: “We’re committed to improving our technology to better serve our clients. The UK’s vote to leave the European Union caused extreme market volatility, but our advanced execution technology allowed our clients to enter and exit the market extremely efficiently throughout.”
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Mr. Gibson added: “The fact that we were able to execute 100% of trades with no rejects or re-quotes, and were back to average spreads across key CFD and FX pairs well before US market open, is a testament to the speed and stability of our trading platform.”
“Traders can be as prepared as possible for a market event such as Brexit, but if they don’t have the right trading partner, traders won’t be able to trade at the speed they demand. That’s why OANDA will continue to invest in improving its trading technology.”
The news follows after OANDA had taken measures – as other brokers did – to reduce leverage earlier in the month, in anticipation of market turbulence.
Finance Magnates has reported about an increasing number of companies that have since revealed statements after the UK’s EU referendum last Thursday and the volatility that it unleashed on the markets Friday, which drove record volumes at numerous venues and exchanges across several asset classes including FX.