Greenwich launches online FX service to retail customers

Greenwich Europe, the London-based derivatives house, has set up a 24-hour online FX broking service for retail clients around the world, Simon Palmer, the firm’s new head of FX, told RiskNews ' sister publication FX Week .

The new FX desk will comprise of six traders, including Palmer, who was formerly head of FX at UK margin FX and futures broker UnionCal, and head of sales Jonathan Anderson - a former head of sales at both margin FX firm IFX and Denmark’s Saxo Bank.

"We’re going to move away from the typical online broker, which are the low deposit, highly geared, high volume and therefore short-life expectancy clients, to offer more analytical-based dealing facilities," Anderson said. "We’re looking to create and maintain long-term relationships."

The firm aims to fill a gap in services for small-sized retail clients using a lot of leverage and the larger professionals who trade with banks, added Palmer. It is too soon for the firm to comment on client or volume figures, he claimed.

Greenwich Europe offers margin-based online and traditional dealing solutions to its clients based on software from London-based firm Forex Manage. "We’re offering individually tailored analytical services and we will try to dove-tail that into the existing managed account products that we are linked with," Palmer said.

"Managed accounts continue to be a growth area so long as costs are contained and the clients are given transparency," Palmer said. "Our online reporting will give clients this access."

Greenwich Europe was established in 1997 and now operates in more than 20 financial markets. The company was recently purchased by management in a buy-out from South Africa-based structured finance house Mettle. It competes with existing margin houses, including Saxo Bank and IFX.