OANDA wins two awards for forex innovation
OANDA’s fxTrade voted Best Trading Platform by World Finance Magazine
New York – June 22, 2009 – OANDA, long recognized as a foreign exchange leader, today announced that the company has won two leading industry awards from World Finance Magazine and Treasury Today Magazine. Treasury Today awarded OANDA a 2009 Adam Smith Award in “The One to Watch” category and World Finance readers voted OANDA’s fxTrade platform Best Trading Platform.
The World Finance Awards, issued annually by leading financial publication World Finance, identify achievement and best practice in the financial and business world, and are chosen by readers through their online votes. On accepting the award at the London Stock Exchange on May 18, 2009, OANDA’s president and CEO Michael Stumm summarized the success of OANDA, singling out OANDA’s people and its long-range thinking as the key reasons why OANDA is a leading market maker.
Over the years, OANDA’s innovative trading technology has enabled it to sustain a large trading volume, with OANDA’S ultra-competitive spreads attracting a large customer base. Peak performance has been measured at 1.5 million trades a day, far exceeding the volume typically handled through any of the leading global banks or electronic communication networks (ECNs) that trade forex.
“Using automation, patented technology and other process efficiencies, OANDA has lowered its forex transaction cost to under 2 cents per transaction, and we have passed these savings on to the customer with low spreads and fast execution,” according to Stumm. “While other institutions have struggled during the credit squeeze of the past year, OANDA has continued to provide its customers with some of the tightest spreads and a depth of liquidity that was otherwise lacking. “
Treasury Today is Europe's leading corporate treasury publication, read by over 60,000 corporate treasurers each month. Its annual Adam Smith Awards recognize leading companies within the treasury function. OANDA’s fxGlobalTransfer product, based on OANDA’s trading technology, provides a transparent and low-cost forex pricing model to those seeking foreign exchange trading and money transfer services. This product was highlighted in OANDA’s award in the “The One to Watch,” a new category for 2009 that recognizes companies with the brightest potential for best practice and innovation.
According to Stumm, “The typical pricing model for international payments is expensive, opaque, and hard to understand. With fxGlobalTransfer, we have automated the payment process to reduce costs, remove the middleman, and eliminate commissions to salespeople and traders. For the first time, all customers can exchange funds at near interbank rates for physical FX delivery of any amount, worldwide—and see what they are going to pay before they commit to anything.”
About OANDAOANDA 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 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.