The annual survey by International Financial Services London (IFSL) reports that the Average daily turnover on the UK's foreign exchange market reached $1.1 trillion in April 2006, up 41% from the previous year
IFSL’s who produced the report is the only independent cross-sectoral organisation representing the UK financial services industry. IFSL serves the UK financial industry by organises events and actively promotes the expertise that can be accessed from the UK.
The report confirms Britain’s dominance on the global foreign exchange market with almost a third of the world's currency trading transactions now take place in the UK
Key factors in the increase of foreign exchange trading were its growing importance as an alternative investment and an increase in fund management and hedge fund assets.
The bulk of trading in the UK was conducted in London which is by far the largest global centre for foreign exchange business. For example, more dollar-based foreign exchange trading occurs in the UK than in the US, and more euros are traded in the UK than in all the Euro-area countries combined. Foreign-owned institutions, accounted for around 60% of foreign exchange trading in London in April 2006.
TTT Moneycorp a London-based currency specialist has made moves to increase the company’s efficiency in the increasingly busy London foreign currency exchange markets. Moneycorp has gone live with Authenticate Pro from QAS, an Experian company, to manage the identity authentication process of its foreign exchange customers.
Moneycorp wanted technology to manage the potential risks of taking on new customers where the threat of fraudulent activity is more prevalent. Using Authenticate Pro, Moneycorp can compare information provided by a customer with multiple independent data sources to establish an individual’s identity. Sources include the electoral register, the national postcode address file and CIFAS, the UK’s fraud prevention service.
“Managing risk is our highest priority. Verifying prospective clients’ identity is of paramount importance,” said Thomas Kadri, director of support services, TTT Moneycorp. “We use Authenticate Pro within Microsoft CRM so that customer acquisition and ID checking becomes a straight through process. Streamlining these functions dramatically improves our efficiency. We also expect referral rates to drop now that data accuracy is improved, resulting in less cost for us and better service for our customers.”
Authenticate Pro keeps an audit trail of customer activity, which can be saved for a five-year period in line with Know Your Customer legislation. Authenticate Pro also helps Moneycorp meet compliance with UK Money Laundering Regulations and FSA1 regulations, which support electronic data as an alternative to documentary authentication evidence.
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