FXall, a global electronic foreign exchange trading platform, is opening a Sydney office to support its growing business in the Asia Pacific region. FXall said the Australian market is a “key growth area” for the company and the new office will “complement” existing Singapore and Tokyo bases.
“There is a wealth of opportunity for FXall in the Australian market as the corporate treasury and asset management communities look to take advantage of the tools and processes pioneered in the US and European markets,” said FXall chief executive Phil Weisberg.
The Sydney office will be led by Jonathan Woodward, who has been appointed head of Australia and New Zealand. Woodward said the opening of the Sydney office “comes at a key growth stage in the Australian market. The appetite for electronic [foreign exchange] trading in the region is increasing as investors look for a way to hedge against counterparty risk whilst enhancing trade execution quality.”
Woodward added FXall, a portal for electronic foreign exchange trading (including foreign currency trade execution and straight through processing), is in a unique position to capitalise on opportunities in the Australian market.
A 2007 Triennial Central Bank Survey said Australia’s foreign exchange turnover share has increased to 4.3 per cent from 2.4 per cent in 2001.
