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February Update: US retail forex market shrinks in 2016 and Alibaba’s Ant Financial buys MoneyGram
US retail forex market shrunk in 2016
Statistics published by the US Commodity Futures Trading Commission show that the size of the US retail foreign exchange market shrunk by 2016. The data was collected from the retail foreign exchange dealers showing that forex obligations collectively amounted to 525.7 million US dollars. This is a 3.5 percent decrease when compared to 2015.
Forex Capital Markets (FXCM) continues to be the biggest brokerage in the US controlling 34 percent of the market with OANDA a distant second controlling 26 percent share of the market. GAIN Capital has seen a decrease in market share by one percent while Interactive Brokers has seen monthly increases of 8.8 percent. Visit sendthatcash.com for more forex and money transfer news.
Alibaba’s Ant Financial buys MoneyGram
Ant Financial, Alibaba’s digital payment arm is buying MoneyGram for $880 million. Ant Financial already has over 630 million users. Combine that with MoneyGram’s 350,000 outlet in 200 countries and it can be predicted that the e-commerce giant will make an impact in the money transfer market. Of course this takeover will have to be approved by the US committee on foreign investments. The inter-agency committee foreign acquisition of domestic American assets on grounds of national security. Eric Jing chief executive at Ant Financial claims that buying MoneyGram will “Provide greater access, security and simplicity for people around the world to remit funds, especially in major economies such as the United States, China, India, Mexico and the Philippines”. MoneyGrams Shares rose by 9% on the news about the purchase.
Vorto Trading partners with SendThatCash for foreign exchange comparisonTue, 02 May 2017 - 12:32 AM