OzForex opens in Toronto

As any FX dealer with a chalet in Verbier will tell you, you don’t always get best execution in FX. If you ever have to make a decent-sized FX transaction, chances are that one of the Robin Banks you have to deal with will not only rip off your arms and legs, but have your liver as well.

I think it is reasonable to have to pay away a bigger spread for non-market amounts – but nobody should have to “deal” on a price wide enough to drive a bus through. There is a clear niche in the market and one company that appears to be successfully filling it is OzForex. Macquarie Financial Services Group recently took a 51% stake in the company and it is using the funding to further expand globally.

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