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Manfred Wiebogen<br />
Liquidity or taxation<br />
Jim Nuzum<br />
Shari'ah <strong>com</strong>pliant<br />
currency trading<br />
Nicholas Pratt<br />
DMA - an increasingly<br />
attractive toolset<br />
A<br />
ACI page 14<br />
Advanced Currency<br />
Markets page 21<br />
Advanced Markets page 97<br />
Aegisoft page 81<br />
Afme page 99<br />
Aite Group page 22<br />
B<br />
Bloomberg FX page 69<br />
Bloomberg<br />
Tradebook page 79<br />
BNP Paribas page 7<br />
Boston Technologies page 107<br />
Broco Group page 128<br />
Bulbrokers page 142<br />
C<br />
CFH Markets page 118<br />
Cfx Intermediazioni page 127<br />
Charles Schwab page 25<br />
CIBC page 31<br />
Citi page 83<br />
ClientKnowledge page 30<br />
CME Group page 47<br />
Cognotec page 105<br />
Currenex page 92<br />
Currensee page 125<br />
D<br />
360 Degrees page 116<br />
DeltaStock page 141<br />
Deutsche Bank page 9<br />
DGCX page 45<br />
Dr. Yuval Levy<br />
Changing the future<br />
landscape of FX<br />
Roger Aitken<br />
Historical FX pricing data<br />
Heather McLean<br />
Social Networking<br />
Digitec page 44<br />
Divisa Capital page 100<br />
Dow Jones page 4<br />
Dukascopy Outside<br />
Back Cover<br />
E<br />
EBS page 37<br />
Equinix page 4<br />
eSignal page 33<br />
Eurobase page 63<br />
F<br />
FastBrokers page 161<br />
Fienex Group page 154<br />
FIX Protocol Ltd page 58<br />
FlexTrade Inside<br />
Back Cover<br />
Fortex Inc page 111<br />
FSA page 14<br />
FXall page 71<br />
FX Bridge page 61<br />
FXCM page 11<br />
FXDD page 13<br />
FX V-room page 122<br />
G<br />
GCC Markets page 34<br />
H<br />
Hibernia Atlantic page 51<br />
I<br />
ICAP page 37<br />
ICE page 43<br />
2 | january 2010 e-FOREX<br />
Sang Lee<br />
Growth in Retail FX<br />
Mark Biezup<br />
Real-time FX Margining<br />
Larry Levy<br />
Retail FX in Central &<br />
Eastern Europe<br />
Companies and organisations in this issue:<br />
IMF page 14<br />
InMage page 112<br />
Integral<br />
Development page 95<br />
Interactive Brokers page 8<br />
Interbank FX page 153<br />
ISDA page 58<br />
ISE page 46<br />
ISITC page 58<br />
J<br />
JPMorgan page 85<br />
K<br />
Knight Capital<br />
Group page 55<br />
M<br />
MIG Bank page 19<br />
Misys Summit page 59<br />
MoneyTec page 122<br />
Murex page 64<br />
N<br />
NASDAQ OMX page 48<br />
NFA page 48<br />
Nordea page 5<br />
Numerix page 12<br />
O<br />
Oanda page 4<br />
P<br />
PFSoft page 26<br />
Phillip Futures page 149<br />
Frances Maguire<br />
Single bank FX platforms<br />
Michelle Neal<br />
The e-<strong>Forex</strong> Interview<br />
Ian Naismith<br />
TraderTalk<br />
Progress Apama page 87<br />
R<br />
Reval page 65<br />
Rockshore Partners page 96<br />
Royal Bank<br />
of Scotland page 88<br />
S<br />
Safecharge page 121<br />
Sarasota page 158<br />
Saxo Bank page 130<br />
SmartTrade page 39<br />
SSC Technologies page 109<br />
Standard Chartered Inside<br />
Bank Front Cover<br />
SunGard page 74<br />
SuperDerivatives page 16<br />
SWIFT page 58<br />
T<br />
360T Trading<br />
Networks page 40<br />
Thomson Reuters page 66<br />
TMS Brokers page 133<br />
TraderTools page 57<br />
Traiana page 10<br />
TwoFour page 60<br />
W<br />
WallStreetSystems page 59<br />
West LB page 12<br />
WBR page 163<br />
January 2010<br />
contents<br />
FOREWORD<br />
14. Liquidity and stability or taxation and<br />
change the whole system?<br />
The global financial crisis has revived the<br />
discussion on a financial transaction tax as a<br />
means of raising revenue, discouraging<br />
international currency speculation and helping<br />
to shrink ‘a swollen financial sector’. Manfred<br />
Wiebogen illustrates what the consequences<br />
of this tax would be, for the FX market.<br />
LEADER<br />
16. The push for standardisation - can we<br />
risk changing the future landscape of FX?<br />
Regulators are currently preparing sweeping<br />
reforms to the OTC derivatives markets on<br />
both sides of the Atlantic and FX<br />
derivatives are in danger of being caught up<br />
in these clearing reforms. Dr Yuval Levy<br />
argues why the regulatory authorities should<br />
act with caution and in consultation with<br />
knowledgeable market participants before<br />
acting in a way that may ultimately be<br />
costly to all.<br />
INDUSTRY REPORT<br />
22. Retail FX Market: Growth, Consolidation,<br />
and Evolution<br />
Sang Lee examines why the retail FX market<br />
is booming with strong adoption across all<br />
major financial centers.<br />
FEATURES<br />
28. Single bank FX platforms - will they<br />
keep powering ahead?<br />
Despite new research showing a slight shift<br />
towards multi-dealer platforms, the demand<br />
for single bank portals, and relationshipbased<br />
pricing, is still high. Frances Maguire<br />
examines how the continued investment by<br />
banks in their platforms is ensuring they<br />
continue to grow.<br />
34. FX e-<strong>com</strong>merce in Shari'ah<br />
<strong>com</strong>pliant currency trading - the new<br />
embracing the old<br />
Jim Nuzum explores why there is growing<br />
demand for Shari'ah <strong>com</strong>pliant FX trading<br />
solutions and how the latest FX e<strong>com</strong>merce<br />
technologies can help address the<br />
needs of Islamic traders and investors.<br />
42. Continuing innovation in exchangebased<br />
currency trading<br />
The world’s futures exchanges continue to<br />
make in-roads into FX, the biggest OTC<br />
market in the world. Frances Maguire explores<br />
how currency trading innovation continues to<br />
gather pace within the exchanges.
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