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GENEVA – Advanced Currency Markets (ACM) is to target the institutional market with a new version of its FX trading platform.
The technology company, majority owned by Refco, has launched its platform using a Java system, as it will be more suited to bank operations, according to Nicholas Bang, executive director of ACM in Geneva. The offering adds to the current Flash-browser based application, which is targeted primarily at retail clients.
Nicholas Bang said: “Banks are more comfortable with Java as it is compliant with the high standards they operate on, and it is easier to integrate with their browser systems.
Java will always be more stable than a browser-based system like Flash. It also offers more interfacing, and IT managers are generally more comfortable using a Java-based product.”
He added that the new offering will allow added functionality, including the use of two new order types. The first is an ‘if-done’ order with stop and limit orders attached. The second, a ‘trailing stop’ order, allows trailing open positions for set time periods. The new software will also allow customers to associate order types with open positions, enabling them to tailor specific positions.
The offering will be targeted at small and medium-sized banks that do substantial FX business and are looking to white-label a significant proportion of it, said Nicholas Bang. “It offers individual customers direct online access, enabling banks to cut costs by cutting out staff who would have to deal with customers one-to-one.”
The trading platform is also intro-ducing tighter spreads to encourage larger players to trade more on the system. Spreads of two pips rather than three on euro/dollar and dollar/yen will be available for those with accounts of $50,000 or more. Those with accounts of $5,000 or more will have access to spreads of three pips.