ISSUE #20
SUPER SWEDE! GC speaks exclusively with Jonas Eldborn.
GAME CHANGERS
DIRECTORY O1
Note from the editor
O2
Jonas Eldon
O3
Fabio La Rosa
O4
Constantinos Zenonos
O5
Eugene Paik
View from the top. 03
Fair Trading Technology. 04-07
MQL Suite. 08-09
TopFX. 10-12
Fullerton Markets. 13-14
O6
Tanainan Lorjirasuwan
O7
Paul Orford
Cyborg 4FX. 15
Game Changers at the Forex Expo in Dubai. 16-17
VIEW FROM THE TOP
Hello everyone! Since the last issue we have been on our travels to the Forex Expo held in Dubai. This was our first time attending and it was great to meet so many familiar faces from previous editions at this event. Although not the largest in footfall. We found it more productive than the larger events, that seem to be full of day trippers :) In this month’s edition we have both new entrants and old friends appearing, where we are incredibly pleased to have CEO of Fair Trading Technology Jonas Eldon who gave us some time to outline his story with FTT. My good friend Constantinos Zenonos from TopFX sent us some great shots from the Cuff’s the expo based in Poland. We have never attended, however based upon the feedback from Costa looks like a hot ticket for next year’s calendar. Our first ever entrant from Italy, the wonderful gentleman of MQL Suite paid us a visit to let us know what they have been up to. Italy has never been a market that I have had the pleasure in dealing with, so it was great to learn more about it. This month from Fullerton Markets we have the General Manager Eugene Paik. I always love to hear from the various movers and shakers from this vibrant brand under the tutelage of Marios Singh. Thanks to all our contributors this month, it has been great making this issue. Let’s change the game together!
Paul ORFORD EDITOR-IN-CHIEF
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Fair Trading Technology JONAS ELDBORN CEO of Fair Trading Technology.
Q You are best known in the industry as CEO of Fair Trading Technology. How did you find your way into FX?
Q It’s fair to say that you have worked your way up at FTT. Has this helped you in learning the culture from the ground up?
A good friend of mine told me about a company in our small town on the west coast of Sweden that was making an international impact on the world of FX. When I met with them, I got really excited about what they were trying to do, especially with my background in Software development I saw how big this thing could be, so I decided to join.
Definitely. By starting out within Fair Trading Technology as a Project Leader and taking on other roles over the years before ending up where I am today, I can honestly say that I have seen and experienced first-hand many of the challenges you face on a daily basis. I think that gives me an invaluable insight and understanding as to why business processes should be designed in certain ways, how to avoid costly mistakes and knowing what matters most to different people within the organization and to the end client.
Stepping into the world of FX was an eye-opening experience for sure. I had of course heard of foreign exchange in general and used it when travelling, but I wasn’t really aware that it could be used as a form of alternative investments other than stock market or similar. At a very early stage I really got to appreciate the industry, both the opportunity to meet a lot of different people and to work within an environment that is constantly evolving.
I believe that utilizing that as a foundation when defining the business strategy increases the effectiveness of the company when you can motivate the individual as well as seeing the big picture.
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Q You have been an employee for quite some time, how has FX changed since you first joined. Has the client become more demanding? Yes, the landscape of the retail FX market has definitely changed over the past couple of years and as an effect of that, both the end-client as well as the brokers have become more knowledgeable and skilled in knowing what they really want and should be getting from providers. Of course, recent changes like the tightened regulations in EU, the situation for FX in China, capital requirements for off-shore brokers and less volatility, impose challenges not only for start-up brokers, but also established ones.
That together with increased competition has forced brokers to become more unique in their offering and instead of as before simply tweaking the trading conditions back and forth, they have been forced to explore other ways of promoting their business. What we have seen over the past year is that more brokers are looking for customization options earlier in the sales process. They know that creating their own product is key to stand out in a market overflooded with generic offerings. Fair Trading Technology have a lot of experience working in this way and we consider our clients somewhat as partners when we talk about our product. Truth be told, a considerable amount of the functionality within our BrokerTools platform is a result of us working together with clients to address a certain problem or simplifying workflows. Q Sweden is not renowned for being a hotbed for FX, has that ever been viewed as a hindrance in getting your name out there, as opposed to an inferior product being made in perhaps UK or USA? Honestly, I can’t say that is has. Even though FX as a means of investment is not huge in the Nordic countries, Swedes are well-known for our ability to come up with innovative technical solutions (just look at Spotify and Klarna) and I believe that this in a way benefits the brand image of Fair Trading Technology. More importantly, regardless of where your company is from, is to provide an actual value to the client for the services provided. To make a difference for real in their daily business and not just on paper or with empty words. Also, since we have our clients spread out all over the world, there is less need for our office to be situated in a specific geographical area, but more importantly is that our infrastructure is setup in prime locations to deliver the service expected and highly appreciated by our clients. Your client is never more than a phone call or plane ticket away so it’s all about investing time into your client relationships to understand their situation while at the same time delivering what you have promised. Q It is quite easy to generalise about products, what makes FTT stand out from its peers? One of our key strengths is of course the extensive functionality of our BrokerTools platform. As a result of our long history within the industry, we have had a constant addition of new as well as refined functionality into it resulting in a very capable yet customisable system that can be configured for the individual broker’s specific needs.
Jonas Eldborn CEO of Fair Trading Technology
With a wide range of built-in modules, each addressing a specific part of the broker’s business, Fair Trading Technology can cater for the needs no matter of it’s about onboarding clients and performing proper KYC to managing your introducer network with individual conditions. Our solutions in collaboration with our skilled Client Services team creates a hassle-free experience for the broker saving both valuable time and money. Q FTT has a turnkey brokerage solution, is there still a demand for this as there is a lot of saturation in this market? Yes, we still see a demand for this type of product. There will always be people who appreciate the concept of having just a short list of providers when setting up their solution for a number of reasons: lower cost, less integration headaches and no discussions about whom to contact in regard to a specific part in the system. This type of product is also a good fit for new market participants that are just looking for an easy and quick setup, looking to focus on sales and marketing primarily, and not really interested in spending the time and efforts required for such a technical business project. Q Is your Asset Manager module aimed specifically at FX brokerages, or can it be utilised by Hedge Funds and Family offices?
Q Can you tell us about the plans you have for the second half of the year. Currently we are in the final stages of wrapping up our BrokerTools 4.0 release in which we are focusing on upgrading the user interface, adding more flexibility for integrating alternative trading platforms and fully enabling it for Metatrader 5. As for second half of 2019, our business plan is to put more focus more on increasing the brand awareness of Fair Trading Technology and our products, form strategic partnerships and speak to clients and business participants to get valuable insights of where the market is going and what solutions to provide tomorrow. When talking about product roadmap, we plan to extend our range of risk management tools, to analyse and refactor internal workflows within the system to make it even more intuitive and continue our quest to automate parts of the system in order to free up valuable broker resources. Q How can the readers contact you for more information on your product? They can either reach out to me directly of course on jonas@fairtradingtech.com, visit our website www.fairtradingtech.com or send an email to info@fairtradingtech.com
Even though it was built with retail FX in mind to begin with, it has evolved into a much more sophisticated system over the years. Built on an equity-based calculations and high watermark principles, it provides an accurate and fair allocation of account profit & loss and strategy commission. I can definitely see that in the future we could offer this module to more niched businesses like hedge funds or family offices given its segregation from the trading platform making it very flexible in turns of required individual customizations and the source of trading data is used. We also see a lot of potential in this line of business and will be investing resources during the coming year in the functionality of our Asset Management module to make it even more competitive and useful for brokers and alike. Q Will you be over in Limassol for the expo in May? Yes, of course. The IFX Expo is one of our most important events of the year to showcase our solutions, meet up with our existing clients and connect with industry partners. I wouldn’t miss it for the world.
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MQL Suite FABIO LA ROSA CEO of MQL Suite.
Q How did you get into FX? I approached Forex out of curiosity. My father used to invest in stocks and got excellent results. I too have always been attracted by this possibility of gain and, given the results obtained by my father, at a certain point I decided to try. So, I started studying. I attended various professional courses that allowed me to refine the techniques related to Fibonacci and price action studies. My operational strategy is largely based on these studie but, in time, I created my own personal version based on the observation of price dynamics and the highlighting of sensitive levels, usually ignored by most traders. I developed my own trading system based on the observation of percentage yields, not only the daily ones, but also those of the larger periods such as the quarter, the semester and the year, which are too often overlooked by retailers, but very important for the institutional traders. Q Can you describe MQLSuite to the readers? MQL Suite is a set of tools that improve the Metatrader4 platform. All the experiences I gathered with professional platforms have flowed into them. I have invested heavily in professional software, because I firmly believe that the first step in really learning to trade like a professional is to have the right equipment. Now, the Metatrader is by far the most used platform by retailers and I find it really inconceivable that people strive to learn and to make their investments work using a software that is poor in resources. Personally, I chose to use the Metatrader platform because the features of the CFD are better suited to my operational style, which is essentially very dynamic. Above all, the possibility of using micro-lots was very useful in order to refine the right money and risk management techniques. Of course, as I had grown accustomed to professional softwares, in the beginning I found the Metatrader platform very uncomfortable. I’m familiar with a bit
GAME CHANGERS Issue #19
of programming, but the meeting with Chantal Sala was a real godsend. Chantal is our developer: I am the mind and she is the arm that shaped all my ideas. First we made the Metatrader platform navigation smoother, then we created institutional time-frames, and then the various panels, dashboards and Expert Advisors. Many of the tools contained in MQL Suite were created for my personal use, to help me better analyze the market. Then, having noticed that many traders who had tried my tools appreciated them a lot, I realized that I could build a business. I put my tools at the disposal of all retail traders. The beauty of it is that traders don’t have to pay anything to get them, because I chose to work with brokers rather than to focus on direct sales. Q What value can it add to a brokerage? MQL Suite represents a major competitive advantage for the brokers, both in the acquisition of new leads and in the retention phase. So far, the competition between brokers has focused on reducing commissions or spreads. But now these marketing techniques are outdated. The broker today needs to offer its customers a innovative and high-quality products that will allow them to really make a difference. MQL Suite is all this. MQL Suite is a package of analysis tools that allow the Metatrader platform to compete with the most advanced professional softwares. And a trader who works with the right tools is a more profitable trader. Which broker does not want its customers to be profitable? Q Italy has always been a very popular market. What makes it this way? Italy is a nation of bankers and merchants, the first stock exchange was founded in Trieste in 1775. Italians are savers and have always been very careful about their investments and the various possibilities of monetization. In recent years, interest in online trading has grown a lot, thanks to a wider accessibility of the markets and the possibility of generating profits. Italians are also very demanding and very attentive to the quality of their analytical tools, so the appreciation that MQLSuite is getting has filled me with pride.
Q Is your product international? Does it apply to all markets? MQL Suite is currently distributed mainly in Italy, but we are working to establish ourselves internationally. Moreover, many of our tools have been in the MQL5 store for several years, and are already known to many traders around the world. Obviously, by the lapse of time, the arsenal has considerably expanded and in addition we have organized the tools in profiles and templates ready and easy to use. Traders can work on all the assets present on Metatrader, not only on the Forex market but also on indices, metals, energy and stocks. Our analysis system can be applied to all market conditions, because it is based on the observation of prices and yields. We have created panels that allow the operator to observe the trend of all the markets at the same time. The trader only has but choose which instruments to monitor. Forex is the most traded market by retailers, and we have dedicated specific templates to it but our tools work on all markets without distinction.
Fabio La Rosa CEO of MQL Suite
Q What makes your brand so different? The innovative nature and quality of the products we brought to Metatrader. These are the features that make MQLSuite unique. Among our tools there are really innovative products, because the approach to the market and the analytical model used are also new. Other tools, on the other hand, refer to ideas already widespread among traders. But this ideas have been developed in a completely different way from the past. Q Have you any upcoming news you would like to tell the readers about? We have just released version 4.0, the most powerful MQLSuite version dedicated to Metatrader4. Also, we’re already well into the translation of the suite for Metatrader 5, and we are about to launch the cTrader version. MQL Suite will truly satisfy any technical need of retail traders.
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TopFX at Invest Cuffs Expo Poland CONSTANTINOS ZENONOS Head of Sales. TopFX.
The TopFX team has recently attended the Invest Cuffs in Poland, which is the largest FX expo in the country. With this being my first visit to both the country and the exhibition, I was surprised by how vibrant it was and by the welcome we received. TopFX was a gold sponsor of this event, which we are pleased to say was an incredibly fruitful trip. The institutional-grade conditions and safety of funds that TopFX offers are the most important elements that Polish traders are looking for, and we were pleasantly surprised by the degree of maturity and sophistication of the Polish market.
Fullerton Markets EUGENE PAIK General Manager. Fullerton Markets.
Q Hi Eugene, thanks for appearing in Game Changers. How did a man with a background in Science end up in Finance? Living in the great lion city Singapore, I went through the academic route, in which I achieved all Distinctions for the GCE Advanced Level examination. This gave me the opportunity to pursue the Chemical and Biomolecular Engineering Direct Honours Degree at the National University of Singapore (NUS). In my final year, I did a stint in a Chemical Polymer Plant. Wanting to challenge myself, I requested my manager to throw me the works of a full-fledged Chemical Engineer. Everything seemed perfect. However, before I left, my manager told me: “You did great, but you need to find your true passion, somewhere you truly belong.” That sentence struck me strongly. He was right. I could feel the flames dying out as I worked in the plant. Like a frog leaping out from a tiny well, I ventured into something that I was always keen in, but never had the courage to do. I took a Financial Markets Accreditation course in Singapore Management University while still in NUS. I almost dropped out as the night courses were demanding and my classmates were high-ranking professionals in Finance. Using logical thinking from my Science background and together with much grit, I successfully obtained the Financial Accreditation! It was a huge step forward for me – both in determining my passion and breaking into the banking and finance industry. Q Standard Chartered is a huge brand to begin your career in. How did you manage to enter this big institution and what was your work experience like? Getting into the Management Associate Program of Standard Chartered was no easy task. I recall doing IQ and logic tests, a two-hour long interview call from London, and a face-to-face interview with the Head of Wealth Projects and Processes. The last sentence I said before stepping out of the interview was: “I may not have the background, but I come with great passion and a love for people.” With that, I began my career in Standard Chartered.
Eugene Paik General Manager of Fullerton Markets
The Management Associate Program enabled me to move across different departments, providing me with valuable exposure that cemented my foundation. It was then that I also discovered that many heads in the bank similarly came from an Engineering background! Upon graduating from the program, I was employed in Group (Global) Wealth Management where I spearheaded a Cash Equity STP and Algorithm Project to increase the dealing desk revenue in Hong Kong. I also completed a Unit Trust and Bonds Project which involved building the entire system and operational process from front-end order placement to back-end settlement in Africa and Pakistan. Amid all those projects, I managed to give back to society through Standard Chartered’s Corporate Social Responsibility programs. These experiences vastly expanded my career paths, but above all, they gave me a huge sense of fulfilment both professionally and personally. Q Why did you move from a large household banking name into retail FX? I was already dealing with retail clients whilst in Group Wealth Management, and deep down I wanted to create something more for them. When approached by my current CEO Mario Singh to take up the position of General Manager of Fullerton Markets, I initially hesitated because I was comfortable at Standard Chartered. However, I saw this as a challenge that would elevate my career and broaden my sights. Being a firm believer that the only way to grow is to challenge yourself, I accepted the offer. Armed with the skillsets from the bank, I started the construction of Fullerton Markets’ back-end system from scratch. As a pioneer of the management team at Fullerton Markets, I have served about four years as General Manager at Asia Pacific’s fastest-growing brokerage firm. Among my core responsibilities are overseeing the growth of both the company and its people and leading the strategic development of 12 different departments that include Marketing, Operations, Project Management, Risk, Support, Telemarketing, Business Development, Research and Education, Human Resources, Compliance, Corporate Structuring and IT Development. Also, chairing EXCO meetings and implementing sustainable solutions to perennial and critical issues faced by brokerages have enabled me to fast-track my professional growth. Most importantly, this position has given me the opportunity to create and deliver solutions that retail clients would really love. Q Working with Mario Singh must be very motivational. Are there any specific ways that he keeps the troops motivated? Having appeared more than 50 times on international media, including CNBC and Bloomberg, Mario’s GAME CHANGERS Issue #19
branding in Asia is extremely strong, which is great for Fullerton Markets. However, what inspires me more than his amazing speeches is the man himself. To me, Mario leads with a truly big heart, something that is a rare commodity these days. Mario is not just a boss to me, but also a genuine friend. His speeches are always captivating and never fail to motivate the Fullerton Warriors, but I believe the stronger reason why people stay loyal to Mario is because we know he is a truly kind person, a respectable and empathetic boss, and most of all, a comrade-in-arms. Q Is there a specific ethos that runs through Fullerton Markets that you look to project through all the departments? Gone are the days of authoritative leadership centred on giving harsh verbal commands. My philosophy in managing the 12 different departments in Fullerton Markets is to be a charismatic leader. I choose to approach each of my Department Heads as a friend, rather than a boss. Once bonds are established, it is always easier to get things done, and this is well reflected when I issue a necessary but daunting task and when my colleagues look at me straight in the eye and say: “I would feel reluctant to do it if it were assigned by someone else, but I will definitely do it when it comes from you.” A General Manager’s greatest assets are, after all, the very people that make his team. As raw and cheesy as this sounds, I strongly believe that the first job of leadership is to love people. Respect is earned, not to be demanded from others. When trust is gained, loyalty is returned. Q You were at IFX EXPO Asia in Hong Kong in January 2019. How did you find the event? The Fullerton Markets’ management team was at the 2019 IFX EXPO Asia, held at the Hong Kong Convention Centre from 22-24 January. I met up with industry experts and friends, both old and new. It was a great opportunity to connect with potential and existing partners from around the world, including Payment Service Providers (PSP), Liquidity Providers, Customer Relationship Management (CRM) Providers, Technology Providers and more. Hence, I strongly encourage anyone from the Finance industry to attend the upcoming Limassol IFX EXPO happening in May. It was great catching up with close industry friends in Hong Kong over drinks. I’m deeply grateful to the bonds that I have with my colleagues and friends, so cheers to the wonderful journey and amazing people that Standard Chartered and Fullerton Markets have brought to my life!
Cyborg4FX TANAINAN LORJIRASUWAN CEO of Cyborg4FX.
Q We have known each other for many years, can you explain to the readers your background in FX trading?
importantly, you should focus on the performance of account managers to be confident in their ability to trade on your behalf.
My experience in trading started in 2011 when I began to trade chiefly in stock options and US stocks. Around 2014, I became interested in the Forex market and decided to venture into that. My knowledge in trading has been mainly self-taught and also derived from a range of sources including international seminars and courses focusing on trading profitability. I have had the benefit of exchanging knowledge on trading with other professional traders from all around the world. I am the founder of Investment Academy, which is an institution set up to educate learners on how to be professional traders. Currently, I am a private fund manager and full-time trader.
Q Do you accept clients from outside of your region?
Q You have been a well know managed account trader for quite some time. What separates you from other managed accounts? I never stop learning and am open to embracing new knowledge in order to increase my capabilities in maximising profit.
Yes, I accept clients from all over the world. Why I love FX trading is that language can divide us, however FX can bond us as a species. Q How do you see the managed account market developing? The trend of managed account market is on the rise because I believe investors with high net-worth need their money to work for them, and many lack the time to manage accounts by themselves. Technology is increasingly accessible and with this development, people are becoming more knowledgeable on the alternative forms of investments like FX. Some investors are concerned with the performance of banks and other global institutions which are easily affected by world events. To read see more take a look at www.cyborg4fx.com
My mind set is such that in generating maximum profit, I always bear in mind the risks involved and find it necessary to formulate back-up plans to counter worst case scenarios that may occur in relation to trading. I apply a set of principles before each trading transaction to assess profitability namely Fundamental analysis, Technical analysis, Event analysis and Psychology analysis. In general, these principles work together to determine the most advantageous and safest time to enter into a trading transaction. There are several kinds of investors in the market, and in order to make sure that you win the “zero-sum game�, you need to be able to foresee the thoughts and action plans of other investors. Q As there are many rogue managed accounts out there, can you give the readers some tips on avoiding a disaster? To avoid entering into dubious managed accounts, it is crucial to assess the portfolio and trading records of each individual account managers. Most Tanainan Lorjirasuwan CEO of Cyborg4FX
Game Changers Magazine in Dubai PAUL ORFORD Editor in Chief. Game Changers Magazine.
Game Changers magazine were lucky enough to be able to attend the Forex Expo held in Dubai. This was the first time that we had attended an expo in this region, and was surprised by the quality of attendee’s. Other events that we had previously covered in FX tend to concentrate more on quantity rather than quality, so it was great to attend such a boutique event. Here are some pictures of our great day out‌enjoy!
ISSUE #20
THE JOURNAL FOR INDUSTRY LEADERS
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