N.Y. Brokers Unite, Form Association To Develop Standardized Confirmation Messaging System
BROKERS
New York’s money and foreign exchange brokers, in a rare act of cooperation, are planning to standardize confirmation messages sent to their bank clients. The move is seen as an attempt, albeit a small one, to boost the attractiveness of brokers in the face of the competitive threat posed by automated trading systems.
Eight major New York brokers have formed the Foreign Exchange Currency Deposit Brokers Association of America (FECDBAA), according to Eddy Baltes, president at Lasser Marshall in
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