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Regional Perspectives
Mon, Jun 16 2008, 14:33 GMT
by Heather McLean
Southern Europe
Although adoption is somewhat slower than other countries, Southern Europe is gradually starting to embrace eFX. Some of the reasons behind this include cultural, regulatory and economic challenges across the different countries in this area.
Alberto Muñoz, chief analyst at FXstreet.com portal, comments: “e-FX trading has just started in southern Europe and we think it's going to grow exponentially in the next two to three years, as there are more traders with better trading education and information looking for new opportunities and markets to trade.”
John Vause, head of Global Link, EMEA, at State Street, states: “Certainly eFX in Southern Europe has gained acceptance in the interbank arena as a convenient means of accessing liquidity. Domestic banks in places such as Italy are familiar with the use of market platforms such as Reuters and EBS/ICAP, and also use other single bank proprietary products such as BARX or Autobahn FX. However, a large proportion of bank/client trading is still executed over the phone.”
Many of the larger investment managers in southern Europe use single bank platforms, Vause says, although usage of electronic trading still trails below the 40% of overall execution common in places such as Germany.
Portugal, Spain and in some ways Italy have become fertile grounds for a new directional growth in e- FX trading. Factors playing in these burgeoning countries’ favour are technological and institutional.
Internal broadband infrastructures within this region are allowing countries that still have poor phone line quality to participate on the international FX market. Ahmet Kemal-Hilmi, information services sales manager at GL Trade, says that southern European countries are able to compete electronically, trading effectively and efficiently with instant accessibility to the markets despite phone connection issues.
This means 95% of all FX transactions in this region are electronic, says Kemal-Hilmi. Italy, Spain and Portugal are the leaders in this area, with maybe Croatia chasing up the rear, he comments. This trend will be followed by organizations across the many countries in the region as they become more confident in using technology for dealing electronically, yet he adds that FX trading is carried out predominantly in larger cities. Muñoz adds: “As there’s no FX industry in southern Europe right now, everything related to FX, such as technology and business models, is usually imported from foreign brokers. For example, in Spain there are several cases where Saxo Bank has resold its trading platform to Spanish brokers, such as Agenbolsa and Auriga Securities. And we are sure this won’t be the last case.”
Published on Mon, Jun 16 2008, 14:33 GMT
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