UK investors may have noticed a series of adverts recently in the financial press such as Investors Chronicle for a new foreign exchange trading service called MahiFX, which features an intriguing question on its website.
And the question is: How long does it take John Paulson to earn your annual income?No doubt the comparison with Paulson, a hugely successful hedge fund manager, is designed to stimulate the imagination as to what is possible in terms of making money in the fast paced world of trading.
But there's another parallel to draw from the comparison, which is directly relevant to retail traders. A trader like Paulson, who manages billions of dollars in assets, expects access to the very best in trading platforms and that's in effect what MahiFX is looking to deliver to the small trader from February 2012.
“Building a low cost robust system is technically demanding and requires expertise across a number of disciplines” said David Cooney, one of the co-founders of MahiFX. Cooney added that the MahiFX platform will be powered by a number of unique technologies that they have developed in-house.
Indeed, currency trading is becoming increasingly popular in the UK and elsewhere, which is naturally driving an evolution towards more competitive trading platforms and MahiFX is looking to ratchet that up by a few notches. An article published in FX Week back in September noted that theBank of England’s foreign exchange joint standing committee recently recorded a staggering 23% increase in UK currency turnover in the six months to April 2011.
Explosive growth in FX trading
David Clark, who chairs the Wholesale Markets Brokers' Association, wrote in FX Week that the explosive growth in foreign exchange (FX) turnover was in part down to an increasing number of retail traders spurred on by regulatory reforms making it easier for them to open FX trading accounts and also down to market moving events such as the Eurozone crisis.
In a bid to tap into growing retail interest in currencies, MahiFX will offer trades on 200 currency pairs, such as the Euro versus the US dollar, but will do so with consistent bid…
