All signs point to 2010 being another exciting year for FxPro. We are operating in a market where trading conditions are ripe for growth. While 2008 and 2009 have certainly been a turbulent time for the financial markets with unprecedented volatility, our breadth of product offering, coupled with our commitment to outstanding customer service, has made us well placed to maximise the opportunities of this most global of markets. Our best-in-breed investment products allow retail investors access to different asset classes offering uncorrelated returns, compared to the bond and equity markets which have both seen substantial negative returns.
The FxPro team, now comprising over 170 people worldwide, continues to provide our clients with outstanding service, enabling our clients to trade real-time through a secure, transparent and dynamic environment and responds to requirements quickly, efficiently and effectively.
Indeed, 2009 was another growth year for FxPro. Trading volumes during the year eclipsed previous records to reach $462 billion from $160 billion in 2008. Our geographical footprint continued to expand with representative offices opened in the UK, Austria and Greece. Our new WebTrader platform was launched, offering our clients a web-browser based real-time trading platform and ultimately, greater accessibility to the forex market. Our active customer base rose by 12.4% in 2009 and is spread over 150 countries, with no country representing more than 11% of the total volumes traded.
We have continued in our quest to expand our brand and to be globally recognisable. FxPro’s choice of sponsorship, not only of the FIA World Rally Championships with which we have been involved for some time, is now complemented by our partnership with the Virgin Racing’s Formula 1 Team. Like Formula 1, the FX markets appeal to a worldwide audience. This exciting sport, based on speed, accuracy and an unrelenting quest for results offers comparable values to those of FxPro.
We have already got off to a flying start in 2010 and our momentum continues to build, with a new representative office opened in Spain and the launch of the FxPro iTrader application.
As hopes for an economic recovery grow and the financial markets begin to reset themselves after the crisis, FxPro has been and will be uncompromising in its aim to be at the forefront of the retail forex market.
Not only are we committed to our clients and our employees, we feel the burden of responsibility extends much wider, particularly in our home market in Cyprus and the immediate region where FxPro is headquartered, which we consider to be part of our broader community. Part of our commitment to being a responsible company includes our recognition of the importance of our social and environmental responsibilities and we have kicked off a series of initiatives to this end across the country, and beyond. Most recently, FxPro provided a significant financial pledge in support of Telethon 2010, the Cyprus Institute of Neurology and Genetics, and the Muscular Dystrophy Association of Cyprus. Proceeds from the donation will be leveraged to increase public awareness and to fund ongoing scientific and social work.
Our market is growing around the world, as has been shown by The Bank of International Settlements’ (BIS) triennial surveys. The next survey will be released later this year in the Autumn, and will offer more formal indicators as to the growth of the retail FX market, and we expect them to identify the same trend. In its last report published in 2007, the growth of trading in the forex market by retail investors was highlighted as an area where volumes were expected to rise and this has certainly been the case. Our international strategy therefore continues with more new locations, new trading products and new services in the pipeline.
FxPro has also recently signed agreements to become the main shirt sponsor for both Fulham Football Club in London, and Aston Villa Football Club in Birmingham. Being the main sponsor of two legendary football teams in two great cities is our way of sharing success with clients and pledging support to fans. Additionally it benefits the teams as we do more charitable activities within the community and around the world.
The Premier League is the world's most popular and most watched sporting league, with an estimated worldwide following of more than a billion people in 202 countries - so the ability for FxPro to grow our brand recognition in this way is significant.
FxPro is committed to expanding its profile in key markets, so the choice of popular and well supported teams, in two of the UK’s most populated and economically strong cities are a natural fit for the future ambitions of the business.
We aim to continue to build our business from its strong foundations, and we are confident that we will continue to benefit from the strength of our global brand and our globally diversified client base. Our commitment to expanding our innovative service offering, continuing to offer investors access to this exciting market and ensuring we meet their every need through our unparalleled service means that our work to not only maintain our position, but become the world’s preferred forex broker continues unabated.
Jim Sutcliffe,
Chairman