State Street has announced that it will be acquiring Currenex for around $ 564 million in cash to strengthen its position in electronic forex trading. Currenex connects more than 60 global banks to an electronic trading network. State Street’s current electronic foreign exchange trading platform, FX Connect, is offered to institutional clients.

The statement comments on the strong market growth with Forex trading worldwide now accounting for trading volumes of around $2.3 trillion per day.

Thank you for making so much valuable instruction freely available! I’m a musician and teacher, and I’ve always been attracted to the stock market. I am starting with your website.

Tristan S.

I am not sure my first message went through - your website is precise, impeccable, generous - the way you have presented to novices the absolute must-know basics of the Market are by far surpassing the muffled style of many super expensive trading platforms. I admire and congratulate you for this - in today’s difficult times - so many people are without jobs - it is a pity they do not know about your site! Starting small is the way to go for novices - and to do that you provide at NO CHARGE the most vital knowledge!. Congratulations - please make sure that more people know about your site! I for one have in mind two young people who will benefit if they listen to your wise guidance! Thanks for letting us see your wonderful family - (cute Rio, too) ! .

Tsvetana Y.

Yesterday we started testing the live executions on our new, customized trading platform (”Currenex Trading System“).

The executions (entry and exit orders) occur on one click; which is much faster than the multiple clicking that’s required when day trading on the MetaTrader (MT4) platform. Unfortunately, we missed the action yesterday morning (London Time) due to an incorrect setting at the Currenex broker, but we were able to “fire away” a few test trades later on during the day, on a quieter market period and the executions were relatively fast. We need more testing on a faster moving market, so tomorrow and Friday might be good days to continue our tests.

Trading at FXLQ

As you know, FXLQ has been working on an improved MT4 system where a larger number of banks will provide liquidity. This system (I was told yesterday) probably won’t be ready until the end of this month.

Nevertheless, I was informed that they had added new liquidity providers to the existing MT4 system and that they had fixed something on their end that would allow us to continue trading until the new system was ready. Apparently, there was a problem on their end that kept generating a “no connection” message on our end when orders were placed.

The market today did not react much to the US PPI figures at 8:30 AM EST and it flatlined for much of the European and beginning of the US trading sessions (Click on the image below to see a larger view of this.). A few trades were still executed at FXLQ, even though the same old “off quotes” rejections abound. We’ll be going back and forth between the Currenex Trading System and the MetaTrader platform moving forward.

During the weekend, I was informed that we would be ready to continue trading at FXLQ by today. Today I received an email pushing the start date out to January 20th. I’m pretty upset about this, but at least we are making progress on another front…

Live Trading with Currenex Trading System

We are already set up at a Currenex broker and should start testing with real money and our customized day trading order entry system by early next week. The order handling capabilities of this system are awesome and I’m dying to see what the quality of executions is in real life.

Just to make things clear, this blog does not disclose anything private about FXLQ, any other firm we work with, or any client. After receiving a few customer calls about this blog, FXLQ has asked us not to disclose any private information in this blog. As a result, we will be more vigilant and a little more brief about any issues with FXLQ going forward.