Celent's Report on Online FX and Currenex Online Foreign Exchange trading promises to continue its ascent, especially via platforms such as Currenex'.Business/Technology Editors BOSTON--(BUSINESS WIRE)--Nov. 9, 2001 The foreign exchange market is the largest in the world, with annual turnover of almost USD USD In currencies, this is the abbreviation for the U.S. Dollar. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. $1.5 trillion. One major activity in this market is trading among corporations conducting multi-national transactions and their banks. A new breed of intermediary, driven by corporate demands for better pricing and by the Internet, has evolved as a major force in the foreign exchange marketplace. Currenex, an online foreign exchange platform founded in 1999, represents this new breed. Currenex has developed a robust trading platform combined with information and integration services. A focus on the buy-side has spurred liquidity from the sell-side, and the platform now operates with a member base of major buy- and sell-side firms. The platform is joined in the marketplace by two others: Fxall and Atriax, two bank-sponsored online FX platforms that have recently launched and report strong growth to date. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Fritz fritz n. Informal A condition in which something does not work properly: Our television is on the fritz. [Perhaps from German Fritz McCormick, author of the report, "we expect Currenex, as well as other online FX platforms, to gain substantial trading volumes Trading volume The number of shares transacted every day. As there is a seller for every buyer, one can think of the trading volume as half of the number of shares transacted. That is, if A sells 100 shares to B, the volume is 100 shares. in the months and years to come. However, growth will not happen overnight. Issues contributing to a slower-than-expected adoption of online FX services include lack of standardization standardization In industry, the development and application of standards that make it possible to manufacture a large volume of interchangeable parts. Standardization may focus on engineering standards, such as properties of materials, fits and tolerances, and drafting and industry reluctance." Mr. McCormick continues, "while keeping these potential problems in mind, we expect that over 50% of corporate-dealer trading will be conducted via the Internet by 2005, and that some type of interoperability The capability of two or more hardware devices or two or more software routines to work harmoniously together. For example, in an Ethernet network, display adapters, hubs, switches and routers from different vendors must conform to the Ethernet standard and interoperate with each other. will exist between the major dealing platforms. Moreover, other FX industry segments, such as smaller corporates and regional banks, will benefit from this technology for their own dealing operations, increasing the productivity potential among the platforms." The report is available from Celent Communications, www.celent.com, 617.573.9450. NOTE: FULL COLOR CHART color chart n. An assembly of chromatic samples used in checking color vision. AVAILABLE AT: http://www.celent.com/PressReleases/20011106/Currenex.htm |
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