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Charalambos Psimolophitis

FX-MM Editor’s interview with Mr Psimolophitis

Charalambos Psimolophitis, CEO FxPro, tells FX-MM editor Peter Garnham how aligning itself with the goals of its clients is paying off for the FX broker and how technology is driving its rise to the top of the industry. The world is changing fast, and traders are increasingly able to take disruption in their stride according to Psimolophitis. In fact, he says, it is not just in the financial markets that we see that phenomenon, but in life more broadly as technology advances and the dynamics of ...

Charalambos Psimolophitis

Forex Magnates Interview with Mr Psimolophitis After the SNB Crisis.

Could you provide a timeline of how the Swiss franc price action unfolded on what the industry now calls Black Thursday? It all happened so quickly that I don’t think it would be a very long timeline at all. At 11:30 on January 15th, the SNB removed its 1.20 floor on EUR/CHF. Around 47 seconds later the pair dipped below 1.20 and was trading just above 1.17. Ten seconds after that it tumbled harder and faster than any major pair in the history of FX. Due to the fact that most positions in the ...

Charalambos Psimolophitis

Prime-of-prime is the new Prime

Our industry has proven itself to be exceptionally resilient, especially after the global crisis of 2008 and through the periods of low volatility that have ensued. If anything, the intervening years have seen an industry rapidly coming of age. Our traders have experienced increasing transparency as well as improvements in liquidity and technology that have led to better prices and faster execution times. The trend, as I have observed in previous articles, has been for a gradual levelling of ...

Charalambos Psimolophitis

When Regulation Matters

I was interested to hear, but cannot confirm, that HSBC recently hired its 10,000th compliance person at the global bank. Not an insignificant figure and roughly 5% of their workforce. Now whether it is true or not is a moot point as it doesn’t detract from the fact that compliance departments across the finance sector are ballooning and it’s an area that is only likely to continue to grow. The numerous probes that have rocked the financial sector recently have not made good headlines, there’s ...

Charalambos Psimolophitis

Mobile Trading and the Growth of Emerging Markets

Our industry owes so much to the personal computer that it can be easy to fall into a kind of Western-centric thinking when it comes to the tools and services we offer our clients. We have been privileged to witness the evolution of the PC, many of us with first-hand experience of several generations of machines and operating systems, much before the advent of smartphones and tablets. We have also seen the development of the Internet, from painfully slow dial-up connections to the broadband we enjoy today. Having lived through these changes we often make the error of assuming that information technology has been developing uniformly across the globe. This is certainly not the case and our mobile offerings are where this will become most evident in the years to come.

Charalambos Psimolophitis

Human, All Too Human

If I told you that you could avoid the risk of a one-in-a-thousand chance of death, how much would you pay for the service? Now what if I had posed the question differently? How much would you need in order to accept the risk of a one-in-a-thousand chance of death? When Professor Richard Thaler put these questions to different groups of graduate students he found that, on average, they answered $200 to the first question, and $10,000 to the second. Quite a discrepancy given that both scenarios ...

Charalambos Psimolophitis

Towards a New Asset Class.

Since the technology came of age in the mid-1990s, making online Forex trading feasible for retail investors, there has been a tug of war between brokerages regarding what shape this market should take. The past decade or so has seen it assume many guises. We have witnessed the Wild West days of little or no regulation, the move towards legitimising the industry under all the relevant authorities, and now the latest step on this journey in which certain segments of the industry are finally ...

Charalambos Psimolophitis

Retail Forex Comes of Age.

The rate at which the retail Forex market continues to grow is nothing short of astounding, even for us who have been invested in its growth for so long. In 2007, when FxPro was granted a CySEC licence, retail Forex accounted for around 5% of foreign exchange volume. In 2010, when we received FSA authorisation, this figure had risen to 10%, and by the time we were awarded a full FSA license in 2012, it had almost doubled to 18%. Now in 2013 we’re talking about figures of around 20%. Such growth ...

Charalambos Psimolophitis

Some Thoughts on the Eve of FxPro’s SuperTrader Launch.

A Brief History Our industry owes everything to the online revolution. Without it retail Forex would be exactly where it was in the early 80s: nowhere. But for us at FxPro the Internet is much more than just the network of cables that allows us to do business, for us it’s an attitude and an ethos that informs everything we do. If the influence of information technology were to be boiled down to one great trend, it would have to be a levelling of the playing field. Nowhere is this more visible ...