Forex services in banks - Forex intermediaries - a safe and credible alternative for forex dealings | ForexPeople
It referred the case to an antitrust tribunal, concluding an investigation that began in They forex services in banks created fictitious bids and offers, distorting demand and supply in order to achieve their profit motives. Barclays Africa Group Ltd.
Credit Suisse said it is looking into the matter.
forex services in banks The tribunal will now notify the banks of the complaint and ask them to respond, Chantelle Benjamin, a spokesman for the body, said by phone. The banks will then file statements forrex attend a preliminary meeting to set a date for a full hearing, she said. Those involved were forced to pay hefty fines.
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The foreign exchange market is set to be even more volatile in than before. Thanks to the Trump election, Brexit, possible populist wins forex services in banks Europe, wars and terrorism, local political uncertainties and many other factors, South Africans are going to be faced with ongoing foreign exchange exposure.
And a volatile rand breeds risk and insecurity. However, just like the rest of the banking world, foreign exchange services are being shaken up thanks to the rise of financial technology fintech players.
Fintech is disrupting and disintermediating traditional forex services in banks institutions such as banks, in the same way that Uber overhauled the taxi industry. New lean and agile forex intermediaries can help businesses and individuals mitigate their foreign exchange risk by doing things differently, harnessing the power of technology and servics new business models.
With more than 15 years in the industry and hands-on experience in shaping it in South On, Richard Beddow, CEO of Forex services in banks, looks at the role forex intermediaries can play in helping companies and individuals ride out the storm.
In the past customers have used banks for all their finance needs. But they are quickly realising the benefit of using new, specialist financial services companies.
Banks gilead employee stock options cannot forex services in banks with the product focus and level of customer experience that these intermediaries offer especially at the SME end of the market.
In South Africa, a legitimate compliance and regulatory framework, set up by the SA Reserve Bank in stipulates the conditions that an intermediary has to adhere to, giving customers confidence in trusting intermediaries for advice and transactional support on their Foreign Exchange dealings.
Think of a forex intermediary as you would a bond originator. Xervices are highly focused on one financial service, and so can offer more specialised advice, products and a better and more transparent forex services in banks customer experience. Firstly, the exchange rate that an intermediary offers should be better than that of a bank.
This is due to the aggregation-effect gained through the volumes intermediaries deal in. For example, a large intermediary can combine the forex requirements of to clients to leverage better deals from the banks, compared to if each client approached the bank independently.
Secondly, the level of customer experience you get forex services in banks an intermediary is far more client-focused, usually following a single point of contact model.
Although most intermediaries use advanced technology behind the scenes, the interface with the client is deliberately very personal. The biggest benefit however, is that intermediaries really understand small businesses and so can help them actively manage their forex risk through simple hedging practices.
South African Importers and exporters are exposed to massive currency risks and need as much help as possible to protect themselves in an unstable currency environment. Forex intermediaries are very different to forex traders and unfortunately the forex services in banks are often confused.
Forex trading is a risky, speculative game where investors try to buy and sell currencies for personal gain. Forex intermediaries are brokers or aggregators that help importers sevices exporters make cross border transfers and protect forex services in banks from exchange rate fluctuations.
They also help individuals with their Personal Allowance transfers. It is vital that this distinction between intermediaries and traders is made.
Inwhen we started ForexPeople, the forex intermediary industry was pretty much non-existent with maybe two or three brokers. In ForexPeople and a group of other intermediaries kick-started the process of formalising the industry when we defined forex services in banks role in the marketplace to the SA Reserve Bank.
Description:Feb 16, - Banks were colluding on forex deals while South Africans fretted evidence 17 banks were colluding on the rand to dollar exchange rate.