Popularity of Online FX Trading Continues to Soar
Figures released by Cognotec showing a 78 per cent year-on-year growth in transaction volumes appear to confirm the general perception that online FX trading is a boom industry. Brian Maccaba, chief executive at Cognotec, said that the company’s results reflected increased acceptance of the technology involved. ‘The benefits of electronic delivery are now well proven, and it is significant that we have seen this growth in a year that has been difficult for the financial services industry,’ said Maccaba. ‘The predictions of growth that were being made three years ago have proven to be reasonably accurate rather than just dot-com hype.’ As users have come to accept the stability and reliability of the underlying technology, they have been able to reap the benefits of online FX services, said Congnotec. Notably, this has allowed banks and other institutions to offer their customers trading facilities using cost-effective and readily deployable systems.