
CME expects prop trading growth
This was the key message of Ray McKenzie, director of FX products at the Chicago Mercantile Exchange (CME), speaking at FX Week's Congress in London last week. "Trading firms are attracting people away from banks. Successful traders are increasingly looking to move away from banks to independent trading firms because they are seeking to keep a greater proportion of the money they are making."
He said there is likely to be a big increase in the number of these firms. "Proprietary trading firms are popping up all over the world. New technology means traders can trade from wherever they want. The Asian market is really going to increase and we're going to see a lot more traders in China and India."
He added that the way in which traders operate is also evolving. "With the lack of volatility and increase in the amount of range trading, traders are looking to operate across products, and are switching between forex and commodities like oil and gold."
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