FX Solutions Hires Global Head of Partnerships From Saxo Bank
SADDLE RIVER, N.J. (BusinessWire EON) July 9, 2007 -- Darst joins FX Solutions from Saxo Bank, where he oversaw the rapid growth and development of the bank's white label business as Executive Director and Global Head of Partnerships.
In his new role, Darst will expand the company's "white label" offering, identifying and recruiting licensed financial services firms which share FX Solutions' commitment to efficient trading, e-commerce and customer service. He will also be responsible for increasing the number of introducing brokers, commodity trading advisors and commodity pool operators utilizing the platform.
"FX Solutions' success is based on leveraging technology to improve transparency and enable automation," said Robert Cortright, managing partner of FX Solutions. "Daniel brings a very strategic, focused approach that will ensure that we partner with firms that share this commitment to technology."
To differentiate its white label business, in which organizations offer FX Solutions' platform under their own brand identities, Darst will soon introduce new value-added services to aid those firms in marketing, sales, staffing and customer support.
"FX Solutions made its name through innovation, customer service and a truly world-class trading platform," said Darst. "I expect to do the same with the white label business and look forward to driving our partners' growth in the forex trading marketplace."
Retail forex trading volume is estimated at $50 billion per day, according to a February 2007 report from UK-based research firm ClientKnowledge. As a result, banks are increasingly evaluating how to best offer forex trading capabilities to their retail customers. Many of these firms find white labeling to be a successful way to speed up the process.
"The opportunity in retail FX is real for banks, but they cannot easily catch up with retail platforms by building internally," said David Poole, COO and Principal of ClientKnowledge, in the report. "Banks have growing confidence that white labeling is feasible as an accelerator into the retail market, bringing additional revenue and making them attractive to a larger client base."
On April 12, 2007, FX Solutions received an investment in excess of $100 million from Francisco Partners.
About FX Solutions
FX Solutions, LLC is a leading online foreign exchange (forex) broker, operating as a market-maker to retail and institutional clients. Leveraging its proprietary interbank market price feed, advanced Global Trading System (GTS) and dedicated customer service, FX Solutions has set new standards for execution speed and price transparency. Headquartered in Saddle River, New Jersey, FX Solutions is registered with the Commodity Futures Trading Commission as a Futures Commission Merchant and is a member of the National Futures Association (NFA). As a member, FX Solutions is accountable to the stringent standards of capital adequacy and financial reporting enforced by the NFA.
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