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Currenex moves to secure its future

Foreign exchange

Clifford Lewis

Online foreign exchange trading platform Currenex has announced a new strategy, new funding, and a new CEO, in a move to boost trading volumes and secure its future.

But this revamp raises more questions than it answers. The strategy is confusing and the CEO is an unknown figure. Currenex must act fast to support its promises.

The new image and direction for Currenex mark a crucial step for the venture, as it had previously suffered high-level departures. CEO Lori Mirek, appointed in 2000, left in late 2002, although this was only confirmed in mid-January. Mirek had been the public face of Currenex, speaking at conferences and liaising with dealer banks. Former managing director Roddy Boulton left in September. These and other departures sparked concerns that Currenex was facing financial and strategic problems and the gap in time between Mirek's departure and the confirmation of a new CEO gave plenty of time for those concerns to take hold.

Rumours that Mirek had left circulated around the forex dealer community for several weeks, although confirmation of the move has still been unsettling.

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