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Forexster throws down client-to-client patent challenge

When Forexster launched, it said it wouldn’t be just any new forex trading platform. It would revolutionize the market, taking banks out of forex trades and enabling clients to deal directly with each other. Banks and existing platforms scoffed at the idea, saying that while that model was attractive, the complex structure of credit lines involved would never work. Forexster begs to differ. Now it is filing for a patent to prove it. Still the banks think this is pie in the sky but if the patent works it could damage banks and rival platforms.

Author: Tessa Oakley

"We have a reputation for being pretty nice people, astute but nice," says Arman Glodjo, co-founder and CEO of Forexster. "But this could blow up in a bad way for quite a lot of people if they force Forexster to seek justice."

This is fighting talk , and it is pretty audacious for the founder of a forex platform that is not yet up and running. Up to now, most of the big arguments in online forex have centred on which of the major platforms - FXall, Atriax or Currenex - has got the best banks, the most dealers or the highest volumes. But now Forexster, the new kid on the block, says that not only is it going to change the way that forex is executed but is also going to patent its technology, blocking any of its rivals from trying to do the same.

Forexster claims that by linking clients to each other through the credit lines they have with their banks it can provide a network to allow them to make and take forex prices from each other. So the banks are sidelined, becoming no more than one of many links in a credit chain.

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