For the second consecutive year, Interbank FX (IBFX.com), a worldwide provider of online foreign currency (Forex/FX) trading, today announced that it achieved top ranking at the inaugural MoneyAM Online Finance Awards in the “Best Online FX Provider” category and was also recognized as the “Best Online Education Provider,” which recognized the company’s groundbreaking program designed to give both novice and expert traders additional educational resources for trading at no additional charge.
All of this year’s award winners were chosen by users of MoneyAM—an online Web site for its sister publication, Shares magazine, and one of the premier destinations for private investors in the UK—who voted for their favorite providers in several categories, including Best Online Futures Provider, Best Online Funds Service and Best Online Options Provider. Other quality contenders at this year’s event included ProSpreads, Fidelity and OptionsXpress Inc.
“MoneyAM would like to congratulate IBFX in the highly contested MoneyAM Awards 2009,” said Richard Collins, Director of MSM Media Ltd. “It is the second consecutive year that IBFX has won the ‘Best Online FX broker title,’ marking them out as a clear favourite with users of MoneyAM; and this year’s addition of ‘Best online educational provider’ represents a clear sign of IBFX's continued commitment to customer service and education within the FX trading community.”
IBFX has furthered its recognition this year, winning the 2009 FOREXDS Trader’s Choice Award based on the votes of retail foreign exchange traders worldwide. In addition, IBFX was honored at Finance Magazine’s 2009 Financial Technology Awards for the Best Mobile Forex Trading Platform. In an industry that is highly dependent upon earning customers’ trust, the company continues to distinguish itself as a leading foreign exchange trading platform, with its unique “no dealing desk”, multi-bank execution technology.
“We’re elated to receive this honor that recognizes IBFX as a true industry leader, and thank the many users of MoneyAM for their gracious support,” said Todd Crosland, Chairman and President of Interbank FX. “The fact that these awards were voted for by actual traders who find value in our company fuels our desired commitment to provide our customers state-of-the art trading capabilities and continual product enhancement.”
Thursday, July 16, 2009
GFT Announces Continued Use of Stop and Limit Orders, Full NFA Compliance
While a recently adopted National Futures Association (NFA) rule is forcing some forex dealers to alter the use of stop and limit orders to protect positions, GFT, a US-based company, announced today that their platform is fully compliant with all NFA regulations and, as such, customers trading with GFT will not be affected.
NFA Rule 2-43 (b) requires a "first-in, first-out" (FIFO) method of trading, which simply means that orders must be closed in the order in which they were opened. In many dealers’ systems, stop and limit orders could violate this rule. The new rule also eliminates "hedging," which is the practice of taking contrary positions in a market in the hope that one of the positions will prove profitable.
Because GFT has always had a FIFO trading system, founder and CEO Gary Tilkin said that GFT customers will see no changes to their accounts or trading strategies when the rule takes effect on August 1.
"Rule 2-43 (b) does not change anything for our customers," he said. "We offer stops and limits today and we'll be offering them in the future. We believe they are an important part of a sound risk management program."
As for hedging, Tilkin believes that many traders don’t understand that the practice works against them far more often than it works for them.
"GFT has never allowed hedging on its system because we believe it’s little more than a way for dealers to charge twice for the spread on what is, essentially, a non-position." he said. "To have two counter positions in a financial product is really no position at all, and there really is no financial benefit for the customer to engage in this type of trading."
Because GFT’s system is net-based rather than position-based, the new rule does not apply. In a position-based system, it is possible for a trader to take multiple positions at different levels on the same market. For example, a trader could have three positions in the EUR/USD pair and then close out each position based on its individual performance, which would violate the FIFO rule.
However, in a net-based system such as GFT’s, when a trader enters a new position in a market where he or she already holds a position, the new position is simply added to the old position and the prices are averaged. So it’s not possible to hold multiple positions in the same pair and therefore it is not possible to violate the FIFO rule.
GFT has always encouraged traders to do their research and employ a sound methodology when trading currencies. Trading psychology and time-tested methodologies go hand-in-hand, and hedging strategies discourage these sound practices. To read comments made by Tilkin earlier this year on the subject of hedging and the new FIFO rule, click here.
To circumvent the new rule, some dealers are asking customers to move their accounts to divisions in the UK where the NFA has no jurisdiction. However, Tilkin questions this practice because he believes the NFA rule is designed to offer better protection for traders.
"Why would we ask our customers to move their accounts outside the US when the NFA is looking out for their best interests?," he asked. "Ultimately, we believe that more protection is better."
NFA Rule 2-43 (b) requires a "first-in, first-out" (FIFO) method of trading, which simply means that orders must be closed in the order in which they were opened. In many dealers’ systems, stop and limit orders could violate this rule. The new rule also eliminates "hedging," which is the practice of taking contrary positions in a market in the hope that one of the positions will prove profitable.
Because GFT has always had a FIFO trading system, founder and CEO Gary Tilkin said that GFT customers will see no changes to their accounts or trading strategies when the rule takes effect on August 1.
"Rule 2-43 (b) does not change anything for our customers," he said. "We offer stops and limits today and we'll be offering them in the future. We believe they are an important part of a sound risk management program."
As for hedging, Tilkin believes that many traders don’t understand that the practice works against them far more often than it works for them.
"GFT has never allowed hedging on its system because we believe it’s little more than a way for dealers to charge twice for the spread on what is, essentially, a non-position." he said. "To have two counter positions in a financial product is really no position at all, and there really is no financial benefit for the customer to engage in this type of trading."
Because GFT’s system is net-based rather than position-based, the new rule does not apply. In a position-based system, it is possible for a trader to take multiple positions at different levels on the same market. For example, a trader could have three positions in the EUR/USD pair and then close out each position based on its individual performance, which would violate the FIFO rule.
However, in a net-based system such as GFT’s, when a trader enters a new position in a market where he or she already holds a position, the new position is simply added to the old position and the prices are averaged. So it’s not possible to hold multiple positions in the same pair and therefore it is not possible to violate the FIFO rule.
GFT has always encouraged traders to do their research and employ a sound methodology when trading currencies. Trading psychology and time-tested methodologies go hand-in-hand, and hedging strategies discourage these sound practices. To read comments made by Tilkin earlier this year on the subject of hedging and the new FIFO rule, click here.
To circumvent the new rule, some dealers are asking customers to move their accounts to divisions in the UK where the NFA has no jurisdiction. However, Tilkin questions this practice because he believes the NFA rule is designed to offer better protection for traders.
"Why would we ask our customers to move their accounts outside the US when the NFA is looking out for their best interests?," he asked. "Ultimately, we believe that more protection is better."
Interbank FX wins Stevie® Award in 7th Annual American Business Awards SM
Interbank FX, a leading provider of online foreign currency (Forex) trading, announced that for the third time the company has been named as a finalist for the 2009 American Business Awards.
The Stevie Awards' Board of Distinguished Judges & Advisors recognized IBFX’s VP of Customer Experience, Marilyn McDonald in the Marketing Executive of the Year category for her proven success in new market identification and strategic market positioning for multimillion-dollar financial services organizations.
Stevie Awards were presented in over 40 categories including Best Overall Company of the Year, Executive of the Year, and Corporate Social Responsibility Program of the Year. More than 2,600 entries from companies of all sizes and in virtually every industry were submitted for consideration.
As a key member of the IBFX’s management team, Marilyn drives the conversation between IBFX and its customers. She is responsible for national and international events, customer education and orientation as well as brand awareness.
“I’m extremely honored that the Stevie Awards have recognized Marilyn’s success in building a strong management team,” said Todd Crossland, president & CEO of Interbank FX. “We are striving to be the gold standard against which all other brokers are measured, and Marilyn helps us do so with her proven track record of increasing sales while retaining a highly motivated team.”
More than 200 executives across the country participated in the judging process to determine the Finalists and Stevie Award winners.
“I am very appreciative of the chance to fulfill a role for Interbank FX that is both challenging and rewarding,” said Marilyn upon accepting the award.
Details about The American Business Awards and the list of Finalists and Stevie Award winners are available at www.stevieawards.com/aba.
The Stevie Awards' Board of Distinguished Judges & Advisors recognized IBFX’s VP of Customer Experience, Marilyn McDonald in the Marketing Executive of the Year category for her proven success in new market identification and strategic market positioning for multimillion-dollar financial services organizations.
Stevie Awards were presented in over 40 categories including Best Overall Company of the Year, Executive of the Year, and Corporate Social Responsibility Program of the Year. More than 2,600 entries from companies of all sizes and in virtually every industry were submitted for consideration.
As a key member of the IBFX’s management team, Marilyn drives the conversation between IBFX and its customers. She is responsible for national and international events, customer education and orientation as well as brand awareness.
“I’m extremely honored that the Stevie Awards have recognized Marilyn’s success in building a strong management team,” said Todd Crossland, president & CEO of Interbank FX. “We are striving to be the gold standard against which all other brokers are measured, and Marilyn helps us do so with her proven track record of increasing sales while retaining a highly motivated team.”
More than 200 executives across the country participated in the judging process to determine the Finalists and Stevie Award winners.
“I am very appreciative of the chance to fulfill a role for Interbank FX that is both challenging and rewarding,” said Marilyn upon accepting the award.
Details about The American Business Awards and the list of Finalists and Stevie Award winners are available at www.stevieawards.com/aba.
MIG Investments - The Road to F1 Forex Championship
MIG Investments introduces The Road to F1 Forex Championship, where traders can test their FX trading skills against other traders on a virtual Championship Account on the MIG Trading Station. The winner secures a trip for two to Abu Dhabi, the final Formula One race of the 2009 season.
This unique experience includes fine accommodation and round trip tickets to Abu Dhabi for two, plus VIP tickets to the Formula One Paddock Club, where you and your guest will have a privileged view of the race AND bask in the luxuriousness of the Paddock Club, with entertainment, fine wines, an assortment of delicacies and gourmet luncheon, and much more.
Get ready to beat the competition in The Road to F1 Forex Championship! Go to our dedicated Championship site and Sign up for your virtual Championship Account.
The Championship begins at 00:00 CET on September 1st 2009, and extends throughout the month of September, ending on September 30th at 23:59 CET – check the Championship Countdown online.
This unique experience includes fine accommodation and round trip tickets to Abu Dhabi for two, plus VIP tickets to the Formula One Paddock Club, where you and your guest will have a privileged view of the race AND bask in the luxuriousness of the Paddock Club, with entertainment, fine wines, an assortment of delicacies and gourmet luncheon, and much more.
Get ready to beat the competition in The Road to F1 Forex Championship! Go to our dedicated Championship site and Sign up for your virtual Championship Account.
The Championship begins at 00:00 CET on September 1st 2009, and extends throughout the month of September, ending on September 30th at 23:59 CET – check the Championship Countdown online.
Alpari Group announces advanced trading platforms Alpari Direct Pro and Alpari Direct
Alpari, one of the world’s fastest growing providers of online foreign exchange (FOREX) services, will launch two advanced trading platforms by the end of August, offering high-speed and direct access to the international currency market for Alpari clients and other institutional and retail customers. Powered by trading technology provider Currenex®, Alpari Direct Pro will be offered to institutional clients while Alpari Direct will be offered to retail customers.
True to Alpari’s commitment to providing clients with institutional-level services, both platforms will feature Straight Through Processing (STP), Non Dealing Desk execution (NDD), 1 click Executable Streaming Prices (ESP), accurate pricing with fractional pips and integrated algorithmic models that enable enhanced levels of execution. These features will ensure high speed and low latency execution and will empower traders to optimize market impact and reduce execution costs. An integrated Dow Jones feed will keep users up-to-date with current news.
Further to this, Alpari Direct Pro, the execution interface for institutional clients, will provide traders with access to a deep liquidity pool, which aggregates feeds from over 60 global banks and multiple Electronic Communications Networks (ECNs). Alpari Direct Pro shows traders the full market depth and also features 24 order types (including advanced orders such as pegged orders), which empower traders to take control of order timing and execution. In addition, this institutional platform offers intuitive and fast keypad trading capabilities, pre- and post-trade allocation solutions, trade averaging capabilities and sophisticated order management, allocation and advanced reporting tools.
Alpari’s platforms are created using Currenex technology. Currenex is a recognized and award-winning leader in providing trading solutions to the active-trading segment of the FX market.
Commenting on the new platforms, Andrey Vedikhin, Co-Founder of the Alpari Group, said: “Alpari Direct Pro and Alpari Direct represent another step towards Alpari’s goal of providing an institutional level trading experience for all. Alpari now provides its clients with one of the most comprehensive selections of advanced trading tools, expert educational resources and responsive customer services available from any online FX trading provider.”
True to Alpari’s commitment to providing clients with institutional-level services, both platforms will feature Straight Through Processing (STP), Non Dealing Desk execution (NDD), 1 click Executable Streaming Prices (ESP), accurate pricing with fractional pips and integrated algorithmic models that enable enhanced levels of execution. These features will ensure high speed and low latency execution and will empower traders to optimize market impact and reduce execution costs. An integrated Dow Jones feed will keep users up-to-date with current news.
Further to this, Alpari Direct Pro, the execution interface for institutional clients, will provide traders with access to a deep liquidity pool, which aggregates feeds from over 60 global banks and multiple Electronic Communications Networks (ECNs). Alpari Direct Pro shows traders the full market depth and also features 24 order types (including advanced orders such as pegged orders), which empower traders to take control of order timing and execution. In addition, this institutional platform offers intuitive and fast keypad trading capabilities, pre- and post-trade allocation solutions, trade averaging capabilities and sophisticated order management, allocation and advanced reporting tools.
Alpari’s platforms are created using Currenex technology. Currenex is a recognized and award-winning leader in providing trading solutions to the active-trading segment of the FX market.
Commenting on the new platforms, Andrey Vedikhin, Co-Founder of the Alpari Group, said: “Alpari Direct Pro and Alpari Direct represent another step towards Alpari’s goal of providing an institutional level trading experience for all. Alpari now provides its clients with one of the most comprehensive selections of advanced trading tools, expert educational resources and responsive customer services available from any online FX trading provider.”
Data updated on Jul 17 at 00:50 (15-minute timeframe
[ View EUR/USD technical studies ]
© 2009 “FXstreet.com. The Forex Market” All Rights Reserved. Every effort is made to provide accurate and complete information. However, with the thousands of documents available, often uploaded within short deadlines, we cannot guarantee that there will be no errors. Any republication or redistribution of FXstreet.com content is expressly prohibited without the prior written consent of FXstreet.com.
Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.
Any opinions, news, research, analyses, prices or other information contained on this story, by FXstreet.com, its employees, partners or contributors, is provided as general market commentary and does not constitute investment advice. FXstreet.com will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information. Related News
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© 2009 “FXstreet.com. The Forex Market” All Rights Reserved. Every effort is made to provide accurate and complete information. However, with the thousands of documents available, often uploaded within short deadlines, we cannot guarantee that there will be no errors. Any republication or redistribution of FXstreet.com content is expressly prohibited without the prior written consent of FXstreet.com.
Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.
Any opinions, news, research, analyses, prices or other information contained on this story, by FXstreet.com, its employees, partners or contributors, is provided as general market commentary and does not constitute investment advice. FXstreet.com will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information. Related News
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Euro enter Asia above key level
FXstreet.com (Buenos Aires) - Despite at actual point investors seem reluctant to continue pushing higher, EUR/USD started current session above the daily descendant trend line coming from the 1.4337 high. Quoting around 1.4140, daily charts are slightly bullish not yet confirming further rises in the pair. Strong resistance come at 1.4201, this month high, followed by 1.4240 and above 1.4290 zone. To the downside, pair needs to move under 1.4085/1.4100 congestion zone to extend downside correction to 1.4040.
U.S. stocks run a late rally with Dow Jones closing up +1.1%, as noted economist Nouriel Roubini predicts an end of the recession for this year. Roubini, a professor of economics at the Stern School of Business, New York University and chairman of RGE Monitor, became quite famous after predicting actual crisis. His comments prompted a spike in industrial and material stocks, helping keep high yielding currencies well bid ahead of Asia.
U.S. stocks run a late rally with Dow Jones closing up +1.1%, as noted economist Nouriel Roubini predicts an end of the recession for this year. Roubini, a professor of economics at the Stern School of Business, New York University and chairman of RGE Monitor, became quite famous after predicting actual crisis. His comments prompted a spike in industrial and material stocks, helping keep high yielding currencies well bid ahead of Asia.
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