Fortex Passes $5 Billion in Daily FX Trading
REDWOOD SHORES, Calif., May 15, 2008 – Fortex, Inc., the leading provider of independent, real-time multi-asset trading platforms, today announced that daily currency trading on its Fortex FX trading platform exceeded $5 billion in March. In spite of market uncertainty and the woes associated with the subprime mortgage industry, the company’s approach to providing FX traders with direct access to global liquidity pools has delivered ten-fold growth in approximately 24 months.
The Fortex FX trading platform has steadily added global liquidity sources since its launch in January 2006 and now provides direct access to banks and execution services in the Asia Pacific, European, North American, and Latin American markets. In just 12 months, Fortex FX daily trading volume has grown from $3 billion to $5 billion, further validating the platform’s resilience and demonstrating continued strong adoption by Fortex clients.
“Surpassing $5 billion in daily trading volume is a significant milestone,” said Daniel Chen, CEO and co-founder of Fortex. “In addition to confirming clients’ confidence in our technology, this achievement signals a fundamental change in the evolution of FX trading. In spite of recent financial turmoil in the credit markets, Fortex has been welcomed by the world’s leading banks, and we expect even more exemplary results when market conditions improve.”
Fortex has integrated Fortex FX with Citibank, Bank of America, Barclays Capital, Goldman Sachs, and Lehman Brothers systems to support more than 22,000 high-velocity trading accounts worldwide. The Fortex FX platform is also the only FX trading platform to deliver advanced features such as fully automatic pre- and post-allocation capabilities, scalping detection and rejection, domain-based quotes, auto hedging, internal matching, and superior real-time risk management—even when integrated with the popular MetaTrader system. A unique artificial intelligence engine, INTX, delivers Straight-Through Processing (STP) without human intervention—speeding execution, enabling 24x7x365 trading, and reducing execution costs. A highly intuitive interface supports the most sophisticated currency trading strategies and enables traders to bypass traditional published pricing and preferential quotes-on-request.
Fortex also offers a multi-asset trading platform, Equities Plus, which provides neutral, direct real-time access to all U.S. exchanges, ECNs, and market makers for broker-dealers, market makers, clearing houses, trading firms, hedge funds, money managers, proprietary traders, and professional investors. Fortex FX and Fortex Equities Plus are available as hosted solutions.
Fortex is the leader in developing and deploying world-class, multi-asset trading systems for foreign exchange, equities, options, and futures trading. Only Fortex delivers completely neutral, real-time platforms that provide direct access to all global exchanges and leading market makers through a single trading interface. The company is privately held and headquartered in Silicon Valley. For more information, please visit www.fortex.com.