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RETAIL e-FX CLIENT 146 | january 2010 e-FOREX Service, innovation and security are the three key areas for winning the hearts and minds of retail traders. But what do these smaller traders really want from their platform providers? Heather McLean sets out to explore what leading brokers are doing to improve the FX trading experience for the armies of retail traders spilling out of the woodwork across the globe.
What retail traders want The key features and functionality that retail traders are looking for from FX trading platform providers are, according to Interbank FX vice president of customer experience, Marilyn McDonald: broker integrity; execution; and spreads. This is the trifecta of must haves, she claims, adding: “One without the others is ok, but the retail trader should look for a company that provides all three. For instance, a broker can supply the lowest spreads. However, without good execution then spreads don’t really mean much. Slippage could eat up more than the trader would have ‘paid’ to enter the trade with a broker that had slightly higher spreads.” First and foremost, retail clients want consistency, says Greg Michalowski, FXDD’s vice president and chief currency analyst. He states that if spreads remain consistent, and if the executions are consistent, the client is happy. Additionally, if support is knowledgeable and reliable, and if the trading platform allows the client to act freely, the client remains content. Michalowski adds: “I believe the mobile experience has the potential to be the next major advancement in Retail FX. There are still connectivity issues that continue to hold the advancement back, but with improved wireless infrastructure, the potential for growth is definitely there.” Yet most retail traders are looking for simplicity and immediate understanding of the platform itself, says Mario Persichino, head trader at leading Italian broker Cfx Intermediazioni, so they can understand how to place an order without any help. “Programming courses offered by brokers are a very helpful >>> Service, innovation and security: taking key steps to improve the Retail FX trading experience instrument of learning for end users. At the same time, clients are looking for all of the information they need about economics news and about the forex market. But the most important thing required by users is a very liquid market; they need to see all prices in real time and want their orders executed fast,” he notes. Be competitive or lose out Retail FX brokers are ramping up their platforms and technology infrastructures to take their service provision to the next level, by expanding functionality beyond the realm of what off the shelf platforms deliver, according to Hayel Abu-Hamdan, head of business development at MIG BANK. He says in a world of vanilla offerings, platform differentiation is key. This includes improvements in the desktop feature set as well as truly usable mobile connectivity on smart phones. MIG BANK is working on a new proprietary platform that it expects to launch shortly. Also, Abu-Hamdan points to new functionality of solid API offerings as another area being ramped up by retail FX brokers. “As retail customers are becoming more sophisticated, certain client segments are branching out and writing their black boxes to automate their dealing strategies. Having a solid, easy to integrate API is a must have offering to address this growing demand,” he notes. “Value added post trade services for enhanced reporting and analysis tools for post trade strategy and trade performance evaluation could draw client interest as well.” Retail FX brokers are definitely raising their games, claims McDonald. She says Interbank FX is very concerned with server up time, for the speed of execution. “Milliseconds count, no matter where the january 2010 e-FOREX | 147
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