…this award is not given solely to banks and it does not have to go to those firms that are the biggest players by volume. It is given for excellence and, on that basis, the inclusion of OANDA is fully justified.
New York, Toronto, Zurich, and Singapore (PRWEB) July 16, 2008
OANDA Corporation, a leader in currency trading and related currency services, is recognized this year by the prestigious 2008 Euromoney Award for Excellence, in the category of Best Global Foreign Exchange House.
Euromoney is a leading publication for the global financial markets, an authoritative source of information for bankers, traders, corporate leaders, asset managers and government authorities.
The Awards for Excellence, presented each year since 1992, cover all areas of banking and the capital markets. Institutions short-listed for each award are cited for their demonstration of leadership and innovation as well as their share of business in each specialty and their consistent service delivery.
In the magazine's poll covering the period May 2007-May 2008, Deutsche Bank took top honors in foreign exchange (forex), edging out UBS, Barclays and Citibank. Acknowledging the unusual inclusion of a non-bank on the short list, Euromoney noted "…this award is not given solely to banks and it does not have to go to those firms that are the biggest players by volume. It is given for excellence and, on that basis, the inclusion of OANDA is fully justified." The announcement also praised OANDA for maintaining its "ultra-competitive" spreads throughout the turmoil of the past year.
"We are honored to be recognized by Euromoney," said OANDA CEO Michael Stumm. "We think it vindicates the way we do business and shows that our approach to pricing and execution is proving its value."
The citation by Euromoney raises OANDA's profile in the mega-market of forex, which handles on average USD 3 trillion in transactions every day (about 60 times the daily volume of the New York Stock Exchange). No longer a small, anonymous retail player, OANDA is emerging as one of the best-capitalized, most aggressive participants in the currency-trading marketplace--a consequence of its never-ending stream of product and service innovations as well as the massive transaction volume the company handles.
OANDA executed on average more than 400,000 forex transactions per day in calendar 2007 and a total of 92 million for the year. On August 17, 2007 alone, OANDA FXTrade executed more than 1.5 million trades. This is significantly more than the number of transactions handled by EBS (Electronic Broking Services, one of the world's two largest platforms where banks trade currencies) and an order of magnitude greater than the trading volume at any of the three leading forex banks.
OANDA started in 1995 as the first online provider of comprehensive currency-exchange information. Since then the "OANDA Rate"® has become the touchstone for corporations, tax authorities, auditing firms and even central banks. Today more than 85,000 organizations worldwide--including many Fortune 500 companies--rely on us, making OANDA Rates available internally and on their Web sites through our ASP services.
In 2001 OANDA launched FXTrade, one of the first fully automated online currency-trading platforms. FXTrade was the first platform to offer immediate execution, support trades and accounts of any size, enable true 24/7 trading, and the first to offer second-by-second interest--eliminating the rollover swap.
Since 2001 we have steadily engineered enhancements to FXTrade to make currency transactions more efficient, more transparent, and more useful to a broader range of currency investors and traders. In 2007 we introduced FXManager, an allocation- and investment-management service for forex money managers. Already in 2008, we have we have rolled out FXGlobalTransfer, a cross-border fund wiring service as well as FXTrade InfoCenter, which provides forex reference information, historical economic data (FXEconoStats) and news free of charge.
Our trading volume speaks to the success of the OANDA way: in 2007 we executed on average more than 400,000 forex transactions a day--a total of 92 million for the year. This is significantly more than the volume typically handled through EBS or any one of the three leading banks who trade forex.
Learn more about how OANDA services can improve the way you do business: http://www.oanda.com.
OANDA is a registered Futures Commission Merchant (FCM) with the Commodity Futures Trading Commission (CFTC) and is a member of the National Futures Association (NFA).