FX Solutions Hires Global Head of Partnerships From Saxo Bank
SADDLE RIVER, N.J. (Business Wire EON/PRWEB ) July 9, 2007 --
FX Solutions (www.fxsol.com), an
IT-driven online foreign exchange brokerage auto-executing almost 99
percent of customer trades, today announced the hiring of Daniel Darst
as Executive Director of Institutional and Partner Business.
Darst joins FX Solutions from Saxo Bank, where he oversaw the rapid
growth and development of the bank’s white
label business as Executive Director and Global Head of Partnerships.
In his new role, Darst will expand the company’s
“white label”
offering, identifying and recruiting licensed financial services firms
which share FX Solutions’ commitment to
efficient trading, e-commerce and customer service. He will also be
responsible for increasing the number of introducing brokers, commodity
trading advisors and commodity pool operators utilizing the platform.
“FX Solutions’
success is based on leveraging technology to improve transparency and
enable automation,” said Robert Cortright,
managing partner of FX Solutions. “Daniel
brings a very strategic, focused approach that will ensure that we
partner with firms that share this commitment to technology.”
To differentiate its white label business, in which organizations offer
FX Solutions’ platform under their own brand
identities, Darst will soon introduce new value-added services to aid
those firms in marketing, sales, staffing and customer support.
“FX Solutions made its name through
innovation, customer service and a truly world-class trading platform,”
said Darst. “I expect to do the same with the
white label business and look forward to driving our partners’
growth in the forex trading marketplace.”
Retail forex trading volume is estimated at $50 billion per day,
according to a February 2007 report from UK-based research firm
ClientKnowledge. As a result, banks are increasingly evaluating how to
best offer forex trading capabilities to their retail customers. Many of
these firms find white labeling to be a successful way to speed up the
process.
“The opportunity in retail FX is real for
banks, but they cannot easily catch up with retail platforms by building
internally,” said David Poole, COO and
Principal of ClientKnowledge, in the report. “Banks
have growing confidence that white labeling is feasible as an
accelerator into the retail market, bringing additional revenue and
making them attractive to a larger client base.”
On April 12, 2007, FX Solutions received an investment in excess of $100
million from Francisco Partners.
About FX Solutions
FX Solutions, LLC is a leading online foreign exchange (forex) broker,
operating as a market-maker to retail and institutional clients.
Leveraging its proprietary interbank market price feed, advanced Global
Trading System (GTS) and dedicated customer service, FX Solutions has
set new standards for execution speed and price transparency.
Headquartered in Saddle River, New Jersey, FX Solutions is registered
with the Commodity Futures Trading Commission as a Futures Commission
Merchant and is a member of the National Futures Association (NFA). As a
member, FX Solutions is accountable to the stringent standards of
capital adequacy and financial reporting enforced by the NFA.
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