rely on the same technology and system for their forex platform. O ) in an auction to buy the Germany-based foreign exchange trading platform 360T for 725 million euros (842.4 million). Arent brokers and ECNs already trying to provide a broader view of the forex market? This is probably why some exchanges opted to acquire forex ECN platforms instead.
Trading Platforms for Global Trade
Authorities in the United States and Europe have fined major banks more than 10 billion for failing to stop traders from trying to manipulate foreign exchange rates on the largely unregulated forex market. Copenhagen-based foreign exchange brokerage Saxo Bank last week said the SNBs move cost it 700 million Danish crowns (109 million) and booked a loss of 485 million crowns for the first six months in 2015 due to that cost. For one, Nasdaq is developing its very own platform instead of acquiring an existing one, allowing it to retain the reputable brand that has built throughout the years. Im sure youve read reports on the investigations surrounding forex fixing and interest rate manipulations by hotshot traders in financial institutions, highlighting the need for transparent pricing. Just last month, Deutsche Börse Group announced its acquisition of 360T, an institutional ECN platform based in Germany, for 725 million EUR. . Nasdaq, which is currently the second largest exchange in the world based on market capitalization, is looking to get a slice of the.3 trillion per day forex trading pie by launching its own FX platform in 2016.