Interdin targets 25% share of Spanish retail foreign exchange market

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Madrid-based online derivatives broker Interdin aims to capture 25% of the booming Spanish retail foreign exchange market by May next year, a senior official tells FXRetail.

The broker added foreign exchange trading to its in-house developed platform in February as a natural extension to its existing product suite of Spanish, European and US futures, European options, contracts-for-differences on stocks, indexes, bonds and commodities.

"For obvious reasons, we needed to include FX in our portfolio. On top of that, FX demand among Spanish retail investors has grown fast in the last few years as more brokers have come in," says Enrique Martí, director at Interdin in Madrid. "Our expectation is to have 25% of the retail FX market share in Spain."

The rapid pace of growth has spurred others, including London-based MIG Capital, to look into focusing sales efforts on the southern European region.

Interdin is using an agency model, sourcing liquidity from nine banks and two retail electronic communications network, and with Morgan Stanley as its FX prime broker. It is using Integral's cloud-based aggregator to collect the quotes, which are displayed in exchange format with a depth of book ten deep.

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