MillTechFX, which is a multi-bank foreign exchange (FX) marketplace, announced on Wednesday its expansion into the European markets with Paris as its regional hub.
The company has already received approval from two French financial market authorities: the Financial Markets Authority (AMF) and the Prudential and Resolution Control Authority (ACPR).
Cost-Effective Services
MillTechFX was launched last August by Millennium Global Investments as an affiliate, targeting asset managers and treasurers. It received investment from British businessman Ronald Cohen and is operating as an independent multi-bank FX marketplace with a focus to reduce FX execution
Execution
Execution is the process during which a client submits an order to the brokerage, which consequently executes it resulting in an open position in a given asset. The execution of the order occurs only when it is filled. There is typically a time delay between the placement of the order and the execution which is called latency.In the retail FX space, reliable brokers always strive to deliver best execution to their clients in order to maintain a solid business relationship with them. This is a common marketing point of emphasis by brokers, whose action execution varies considerably from company to company. When execution prices are not matching the submitted price the client is charged or credited the difference resulting from the negative or positive slippage.Slippage is a very contentious issue among retail traders, which can lead to issues. Many traders view levels of slippage at brokers as a key determinant for their business. Best Execution a Legal ObligationBrokers are required by law to diver to their clients the best execution possible. Some regulators are requiring brokers to submit execution stats in order to assess the quality of their services. Other brokers are regularly posting execution statistics in order to boost the confidence of their clients in the best execution commitment of the company.Best execution has been a point of emphasis in recent years from both retail and institutional players in the FX industry. Negotiating and executing transactions in order to promote a robust, fair, open, liquid and appropriately transparent FX market is identified as one of the six main principles outlined in the FX Global Code of Conduct, which came into effect in 2018.
Execution is the process during which a client submits an order to the brokerage, which consequently executes it resulting in an open position in a given asset. The execution of the order occurs only when it is filled. There is typically a time delay between the placement of the order and the execution which is called latency.In the retail FX space, reliable brokers always strive to deliver best execution to their clients in order to maintain a solid business relationship with them. This is a common marketing point of emphasis by brokers, whose action execution varies considerably from company to company. When execution prices are not matching the submitted price the client is charged or credited the difference resulting from the negative or positive slippage.Slippage is a very contentious issue among retail traders, which can lead to issues. Many traders view levels of slippage at brokers as a key determinant for their business. Best Execution a Legal ObligationBrokers are required by law to diver to their clients the best execution possible. Some regulators are requiring brokers to submit execution stats in order to assess the quality of their services. Other brokers are regularly posting execution statistics in order to boost the confidence of their clients in the best execution commitment of the company.Best execution has been a point of emphasis in recent years from both retail and institutional players in the FX industry. Negotiating and executing transactions in order to promote a robust, fair, open, liquid and appropriately transparent FX market is identified as one of the six main principles outlined in the FX Global Code of Conduct, which came into effect in 2018.
Read this Term costs and operational burdens.
The platform was initially launched in the United Kingdom and North American markets. It is headquartered in London and also regulated in the United Kingdom, the United States, and Canada.
“Over the past 12 months we have seen terrific growth in terms of clients onboarded and volumes transacted on our FX marketplace. This success indicates that asset managers and corporate treasurers are actively moving away from traditional FX processes and partnerships in favor of cost-effective, efficient, and transparent multi-bank solutions,” said MillTechFX’s CEO, Eric Huttman.
“As a firm with global ambitions, we look forward to extending the benefits of our marketplace to European corporates and asset managers via our hub in Paris.”
The company also continued to strengthen its team with the appointment of Aline Ungewiss as the Marketing Director earlier this year.
MillTechFX Europe’s Directeur Général, Stephanie Aufan also pointed out the importance of setting up the hub in Paris, France. “Paris is one of the top tech cities in Europe, boasting a deep pool of talent as well as excellent transport links to London and the rest of Europe. From our Paris hub, we will open the door to more transparent, efficient, and cost-effective access to multi-bank FX execution, leveling the playing field for asset managers and corporates across Europe,” she said.
MillTechFX, which is a multi-bank foreign exchange (FX) marketplace, announced on Wednesday its expansion into the European markets with Paris as its regional hub.
The company has already received approval from two French financial market authorities: the Financial Markets Authority (AMF) and the Prudential and Resolution Control Authority (ACPR).
Cost-Effective Services
MillTechFX was launched last August by Millennium Global Investments as an affiliate, targeting asset managers and treasurers. It received investment from British businessman Ronald Cohen and is operating as an independent multi-bank FX marketplace with a focus to reduce FX execution
Execution
Execution is the process during which a client submits an order to the brokerage, which consequently executes it resulting in an open position in a given asset. The execution of the order occurs only when it is filled. There is typically a time delay between the placement of the order and the execution which is called latency.In the retail FX space, reliable brokers always strive to deliver best execution to their clients in order to maintain a solid business relationship with them. This is a common marketing point of emphasis by brokers, whose action execution varies considerably from company to company. When execution prices are not matching the submitted price the client is charged or credited the difference resulting from the negative or positive slippage.Slippage is a very contentious issue among retail traders, which can lead to issues. Many traders view levels of slippage at brokers as a key determinant for their business. Best Execution a Legal ObligationBrokers are required by law to diver to their clients the best execution possible. Some regulators are requiring brokers to submit execution stats in order to assess the quality of their services. Other brokers are regularly posting execution statistics in order to boost the confidence of their clients in the best execution commitment of the company.Best execution has been a point of emphasis in recent years from both retail and institutional players in the FX industry. Negotiating and executing transactions in order to promote a robust, fair, open, liquid and appropriately transparent FX market is identified as one of the six main principles outlined in the FX Global Code of Conduct, which came into effect in 2018.
Execution is the process during which a client submits an order to the brokerage, which consequently executes it resulting in an open position in a given asset. The execution of the order occurs only when it is filled. There is typically a time delay between the placement of the order and the execution which is called latency.In the retail FX space, reliable brokers always strive to deliver best execution to their clients in order to maintain a solid business relationship with them. This is a common marketing point of emphasis by brokers, whose action execution varies considerably from company to company. When execution prices are not matching the submitted price the client is charged or credited the difference resulting from the negative or positive slippage.Slippage is a very contentious issue among retail traders, which can lead to issues. Many traders view levels of slippage at brokers as a key determinant for their business. Best Execution a Legal ObligationBrokers are required by law to diver to their clients the best execution possible. Some regulators are requiring brokers to submit execution stats in order to assess the quality of their services. Other brokers are regularly posting execution statistics in order to boost the confidence of their clients in the best execution commitment of the company.Best execution has been a point of emphasis in recent years from both retail and institutional players in the FX industry. Negotiating and executing transactions in order to promote a robust, fair, open, liquid and appropriately transparent FX market is identified as one of the six main principles outlined in the FX Global Code of Conduct, which came into effect in 2018.
Read this Term costs and operational burdens.
The platform was initially launched in the United Kingdom and North American markets. It is headquartered in London and also regulated in the United Kingdom, the United States, and Canada.
“Over the past 12 months we have seen terrific growth in terms of clients onboarded and volumes transacted on our FX marketplace. This success indicates that asset managers and corporate treasurers are actively moving away from traditional FX processes and partnerships in favor of cost-effective, efficient, and transparent multi-bank solutions,” said MillTechFX’s CEO, Eric Huttman.
“As a firm with global ambitions, we look forward to extending the benefits of our marketplace to European corporates and asset managers via our hub in Paris.”
The company also continued to strengthen its team with the appointment of Aline Ungewiss as the Marketing Director earlier this year.
MillTechFX Europe’s Directeur Général, Stephanie Aufan also pointed out the importance of setting up the hub in Paris, France. “Paris is one of the top tech cities in Europe, boasting a deep pool of talent as well as excellent transport links to London and the rest of Europe. From our Paris hub, we will open the door to more transparent, efficient, and cost-effective access to multi-bank FX execution, leveling the playing field for asset managers and corporates across Europe,” she said.
Source: https://www.financemagnates.com/institutional-forex/milltechfx-enters-europe-selects-paris-as-hub/