Forex Capital Markets (FXCM), an online FX trading service, is shortly due to release several products aimed at the corporate FX market, including an online platform for physical delivery of currency. The margin-based physical delivery service is targeted at small and mid-size corporations.
The physical delivery system will be margin rather than credit based, so corporations can make a deposit with FXCM to collateralise their trades against market fluctuations, eliminating the need for credit approval for FX trading, says an official.
Additionally, the company has hired Fernando Abanto as director of corporate and institutional services. He joins the group from American Express Bank, where he was director of Latin American capital markets.