Oanda targets institutionals with London base
Oanda, the Canadian FX platform, has opened an office in London as a centre for its Oanda Europe subsidiary. The firm, which has a strong retail base, is hoping to attract more local institutional clients, managing director Anthony Broadbent tells EuromoneyFXNews.
“We have a prospective European client list running into the thousands,” Broadbent says. Second- and third-tier banks, asset managers and smaller corporate make up the bulk of that number, he says.
“Our original focus in opening an overseas office was to attract institutional clients, but also we’ve had a positive response from our retail clients,” adds Broadbent. “People like trading with a local company.”
Oanda gained UK Financial Services Authority approval for its London office earlier this year. Oanda already has overseas offices in Singapore, New York and Dubai.
Michael Stumm, Oanda CEO, says: “Our UK and European clients will now have the advantages of trading under rules tailored to their jurisdiction. We look forward to delivering these clients more personal service along with the ultra-tight spreads, quality execution and consistent liquidity they expect from Oanda.”
Oanda was one of the earliest FX trading firms to launch a retail-focused FX trading platform, with fxTrade in 2001. The firm also offers pricing data and analysis. The firm might add a local presence in market blogging, Broadbent says.