FX Week Celebrates Tenth Anniversary Issue

LONDON—It was ten years ago this week that the first issue of FX Week was published. The markets may have changed much since 1990, but many of the issues of concern then appear equally as relevant today. A headline in the debut edition – Technology To Take Front Seat At Forex ‘90 – could easily have been recycled for last week’s Forex 2000 conference in Paris.

Back in 1990, however, the internet was the preserve of an elite network of computer programmers rather than the focus of every business plan in the land.

Chase Manhattan exemplified the giddy heights of exploiting technology to broaden its customer base with the offer of a toll-free telephone number, allowing direct access to the most active foreign exchange centers around the clock.

In 2000 traders are now able to make real-time foreign exchange transactions over their mobile phones with the use of the Wireless Application Protocol (WAP), as demonstrated by Societe Generale in partnership with software provider Cognotec at Forex 2000. Unlike ten years ago, technological developments also mean that traders are able to carry the phone without needing to use both hands.

The technological revolution in the FX markets was already underway in 1990, as automated trading systems threatened the livelihoods of traders and systems such as F/X Trader from Citicorp’s Quotron Systems Inc. were unveiled. There were few rivals at the time, Reuters and Telerate among them.

At present there is a proliferation of competing systems, as well as the current trend for ‘co-opetition’, whereby former rivals share costs in order to maximize access to clients through joint enterprises.

Some analysts say that we could eventually come full circle, as banking consolidation and cost-effectiveness lead the less successful runners to pull out, leaving a select few market leaders in the field.

But with fewer banks and fewer liquid currencies available to trade, market players are looking hard at the costs and benefits of the foreign exchange business.

FX Week's coverage of people moves has always been popular, but in a shrinking and increasingly competitive business, market players appear keener than ever to track the movements of fellow FX professionals.

Given the pace of change over the last decade, one would have to be brave indeed to attempt a prediction on the state of the foreign exchange business in 2010. But by filling in the box below, you will be able to keep up to date on developments in the market as they happen.

On behalf of all those who have worked on FX Week over the last ten years, FX Week would like to take this opportunity to thank you for all your support.