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Social and copy trading provider Tradency is furthering its commitment to the Japanese market by cooperating with financial IT specialist Simplex
Copy trading platform providers continue to make it clear that resting on their laurels is not part of their mantra, especially when in the popularity of such systems in current times has created widespread competition worldwide as well as having attracted the attention of regulatory authorities.
Today, Tradency has announced that it is anticipating a greater degree of growth in what is widely acknowledged to be the largest retail FX market in the world – Japan.
The company is one of the stalwarts of this particular sector which credits itself as the developer and originator of mirror trading, and has entered into a global cooperation with Japanese FX technology company Simplex in order to provide a joint solution comprising Mirror Trader, Tradency’s system trading solution, and Simplex’s FX trading platform Simplex FX which is utilised by retail traders, securities firms and banks in Japan.
Tradency stated today, just one day subsequent to its regulatory approval in the region by the Japanese Financial Services Agency, that the cooperation process is already in motion, and that the robust integration of the two systems is currently in advanced stages of construction and the joint solution is offered to potential client of both companies.
Whilst this particular venture demonstrates Tradency’s wish to further its footprint in Japan, it far from the company’s foray into attracting Japanese business, the company having provided Mirror Trader to Japanese FX brokerage FX Prime, itself a subsidiary of GMO Click Securities, during the summer of last year.
Tradency had also indicated that its product is compatible with exchange-based trading on Click 365, as well as having announced in April last year that its user base had grown by a further 40,000 of Invast Securities’ traders since Invast Securities took up its service.
Indeed, Tradency took these somewhat brave steps in entering into partnerships with Japanese brokers, considering the Japan-centric nature of that particular nation’s home-grown companies, plus the domestic client base which is not only focused on developing long term relationships with Japanese firms, but is also somewhat averse to automated and copy trading by total contrast to other regions in the Asia Pacific in which social trading networks and copy trading are the preferred medium.
Tradency therefore has made its stance clear insofar as that with its newly minted Japanese regulatory approval, along with what it considers to be Simplex’s prominent reputation in the Japanese market, its partnership with an FX platform provider should prove to be a shrewd commercial decision, especially bearing in mind the increasing remit of Western regulatory authorities to deem such a system as investment advice, potentially requiring the licensing of all lead traders, leading to the possibility of training and compliance procedure adherence being required for such individuals and entities acting as lead traders.
Lior Nabat, Tradency CEO made a commercial statement today on the cooperation between his firm and Simplex: “Our cooperation provides the Japanese brokers with the high-end level of support and service they are accustomed to from topnotch providers such as Simplex. We take great pride in their decision to cooperate with us. It proves once again, as we have seen during the last year that leading technology providers are integrating with Mirror Trader as their system trading solution of choice.”
Tradency’s Mirror Trader has been adopted by top tier brokers and financial institutions in Japan and worldwide. Hideki Kaneko, Simplex CEO further added: “We expect that Mirror Trader will serve as a gateway to expand Simplex’s Japanese standard business offering to worldwide brokers. We aim to build a non-exclusive partnership with global companies that focusing on product development and advanced services to financial institutions.”