FXCM enables cross-asset margining via Phoenix

Author: Robert Mackenzie Smith, Saima Farooqi

Source: FX Week | 24 Jan 2013

Categories: Retail

Online broker to roll out new trading platform to access exchange-traded and foreign exchange products

FXCM is set to launch a multi-asset trading platform with cross-asset margining capabilities in March, as it continues to expand its product set.

Company officials say the platform will be offered globally, excluding the US market, and enables cross margining between exchange-traded products, single-share contracts-for-differences (CFDs) and foreign exchange.

"FXCM will offer Phoenix initially to our current customer base of on-exchange traders, yet our primary purpose is to deliver this solution to our institutional partners and prospects that demand this product for their customer base," Brandon Mulvhill, head of sales for FXCM Europe in London tells FXRetail.

The platform is built in HTML 5 to increase compatibility for white-label partners, and is accessible via mobile and tablet devices.

Its development marks the latest in a series of major product releases by the online trading company in recent months. In October, it reintroduced dealing desk execution for smaller traders.

Meanwhile in September, it launched FXCM Venture, which specifically seeks to invest in seed and growth-stage companies within the financial services and electronic trading industries. FXCM said  its focus is on technology companies with innovative products for the FX and CFDs sub-sectors of the financial services industry.

New York Stock Exchange-listed FXCM's share price has ranged between $8.50 and $13.70 over a 52-week period, indicative of the volatile conditions for the online trading industry. Its share price closed at $11.25 on January 23.

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