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Contents


FX SERVICES THE BROKERS HANDBOOK 2012/2013


INSTITUTIONAL Charles Jago


Charles@Aspmedialtd.com Publisher


Gerry O’Kane gerry.okane@googlemail.com Editor


Susan Rennie


Susie@Aspmedialtd.com Managing Editor


Charles Harris


Charles@Cjag.demon.co.uk Advertising Manager


Helen Rochford


Helen@Aspmedialtd.com Production Manager


David Fielder David.Fielder@e-forex.net Features Manager


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Although every effort has been made to ensure the accuracy of the information contained in this publication the publishers can accept no liabilities for inaccuracies that may appear. The views expressed in this publication are not necessarily those of the publisher. Please note, the publishers do not endorse or recommend any specifi c website featured in this publication. Readers are advised to check carefully that any website offering a specifi c FX trading product and service complies with all required regulatory conditions and obligations.


The entire contents of the Institutional FX Services - The Brokers Handbook are protected by copyright and all rights are reserved.


PAUL TOWNE PAGE 30: INTRODUCING BROKERS – AN EVOLVING BUSINESS MODEL


JAVIER PAZ PAGE 8: INDUSTRY REPORT


INDUSTRY REPORT


MARKET Javier Paz, Senior Analyst, Aite Group, examines the state of the global Retail FX trading market and how the ultra competitive brokerage landscape is evolving.


8


REGULATION & COMPLIANCE


Foreign exchange brokers have little to complain about when it comes to regulation. It seems in the midst of the economic maelstrom and continued banking scandals, regulation is being actively sought as a security blanket for all those involved in the industry and also as a means of capturing clients.


14 BROKERAGE OPERATIONS BROKERAGE 22


Heather McLean discovers that starting up a new foreign exchange brokerage fi rm is a task littered with pitfalls, bear traps and electronic fences. However, approaching this entrepreneurial mission well researched means you will be well armed to overcome the problems and to take the strategic decisions that lie ahead.


HEATHER MCLEAN PAGE 78: LIQUIDITY BRIDGING


2 | INSTITUTIONAL FX SERVICES - THE BROKERS HANDBOOK 2012/2013


MODEL Paul Towne examines the Introducing Broker (IB) model in FX and how to go about choosing an IB. He also discusses how the role of Introducing Brokers is rising in prominence and why there still remains some confusion as to the value of using an IB and their role in forex trading.


30


INTRODUCING BROKERS – AN EVOLVING BUSINESS


AVOIDING THE PITFALLS OF LAUNCHING A FOREX


FX BROKERAGE LICENSING AND REGISTRATION


ASSESSING COMPETITIVE FORCES IN THE RETAIL FX


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