New trading platform to open up market, says fund manager

A hedge fund manager based in Bermuda is aiming to revolutionise foreign exchange trading by cutting out the middleman, or banks charging trade commission he feels are excessive.

Arman Glodjo, a fund manager with Bermuda-based Valaquenta Capital, said the Java software Forexster system, which will go live in June and July, will allow foreign exchange traders to trade currencies directly with one another while the counterparty bank in the middle simply passes the trade through its site. The Forexs