FXall, an online foreign exchange trading portal has received approval from the HKMA to be a money broker in Hong Kong. The approval coincides witháFXall opening its representative office in Hong Kong,áits second representative office in Asia after Tokyo.
The new office is being run by James Mills, who was recently working atáBondsinAsia and prior to that with Bridge eMarkets.
FXall offers large companies and asset managers the opportunity to trade their foreign exchange transactions through its system. This system is a multi-vendor portal where over 50 different institutions provide liquidity and prices for all the major global currencies. The average size of trade on the platform is $5 million, but trades have gone up to $120 million.
The service has been in operation in the US, London and Tokyo since May 2001.áFXall reports that its combination of efficient, multi-dealer pricing, research and straight through processing capabilities are the key to its success.
"As the only fully automated portal for foreign exchange trading, we are uniquely placed to give customers in Hong Kong and beyond a real competitive edge in global trading," saidáFXall's CEO PhiláWeisberg speaking at the opening of the Hong Kong office.
