OANDA targets Asian market with new currency pairs
Singapore — April 5, 2010 — OANDA Asia Pacific Pte Ltd and parent OANDA Corporation, provider of innovative online foreign exchange trading, have added nine new currency cross pairs to the 48 pairs already offered on the web-based OANDA fxTrade forex trading platform. The new pairs are AUD/SGD, CHF/CAD, GBP/AUD, GBP/NZD, GBP/ZAR, TRY/JPY, XAG/JPY, CHF/ZAR and ZAR/JPY.
OANDA’s rapidly expanding institutional client base in Japan and elsewhere in Asia has expressed a strong demand for ultra-competitive spreads. OANDA has been able to access the deep pool of liquidity offered by the global retail foreign exchange market, and respond with lower spreads, particularly for Japanese Yen (JPY) crosses.
The new pairs include additional Yen crosses: to silver (XAG), and to the South African Rand (ZAR) and the Turkish Lira (TRY), two currencies known for their high interest rates and of particular interest to carry traders. OANDA is the only forex dealer to offer second-by-second interest, so these traders can take advantage of interest rate differentials even during same-day trades.
"We are pleased to offer an expanded currency selection in response to demand from our clients", says K Duker, Managing Director at OANDA Asia Pacific. "OANDA is quickly becoming a strong alternative for all forex traders in Singapore, and for institutional traders elsewhere in the Asia Pacific region. These new pairs reinforce OANDA’s commitment to the region."
OANDA traders around the world have access to all of the major crosses and to major Asian currencies such as the Hong Kong Dollar, Thai Baht, and Indian Rupee. OANDA remains the only major online forex broker to offer trading access to the Chinese Yuan (USD/CNY), which it introduced in 2007.
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. In 2001 OANDA launched fxTrade, the first fully automated online forex trading platform. 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 eliminate the rollover swap by calculating interest by the second. OANDA’s innovative technology has enabled it to sustain a large trading volume. Peak performance has been measured at 1.5 million trades a day, far exceeding the volume typically handled through any of the three leading global banks or electronic communication networks (ECNs) that trade forex.
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). The Asia Pacific subsidiary OANDA, Asia Pacific Pte Ltd, is regulated by the Monetary Authority of Singapore and holds a Capital Markets Services licence.