FX news: US retail platforms eager to affirm transparency and best practice
This week Forex Capital Markets (FXCM) and Gain Capital, two major US retail platforms, showed that the battle for market share, even though the actual number of price-providers continues to consolidate, is as competitive as ever.
FXCM seldom misses an opportunity to extol the virtues, as it sees it, of its ‘No dealing desk’ (NDD) execution model. But this week it goes further by establishing its ‘Execution Center’ website with the intention that it will “provide forex traders with detailed information regarding forex execution practices. FXCM will continue to update this area over the coming months with insightful information and analysis.” FXCM’s first foray into ‘detailed information’ is the release of two cartoons comparing its NDD model and the ‘dealing desk’ (DD) model. The NDD cartoon shows a retail trader smiling with happiness from the “fast, automated and fair” system; the (DD) cartoon has the retail trader pulling his hair when confronted with continual re-quotes.