MarketSimplified Reports Massive Growth in FOREX Trades
- Thursday, July 14th, 2011
- Share this article:
Foreign exchange trades have grown 350 per cent year-on-year on the MarketSimplified platform, according to the company.
A provider of mobile platforms for the financial services sector, MarketSimplified reports this growth based on trades from Q1 2010 versus Q1 2011. The number of mobile foreign exchange traders grew 156 per cent between 2009 and 2010 and comprise 35 per cent of the MarketSimplified universe of traders.
As part of its expansion in this sector, MarketSimplified has also announced that it has opened an office in the US, to be headed by David Waring, MD business development and strategy.
“With David joining the team, we will actively be looking to increase our client base and capabilities for FOREX trading firms in the US and globally,” says Venkat Rangan, co-founder and CEO of MarketSimplified. “FOREX is a rapidly growing segment of the mobile trading landscape. We recognise the importance of having a compelling user experience that will lead to more trades on mobile applications and we strive to bring this capability to our clients.”
“I am delighted to join the MarketSimplified team and to be expanding our North American client base, which already includes many of the top firms in the industry,” says Waring. “The FOREX sector is strategically important to the firm, and we have a proven track record of developing the best custom labeled trading applications for firms that want to provide an optimal trading environment on any mobile device.”
Waring joins from Pivot Inc, where he handled sales and implementation for bulge bracket banks and large hedge funds. Prior to this he was CEO at InformedTrades, a social network for traders.