November 26, 2018
Monex Canada outpaces growth expectations in its first year
TORONTO--Monex Canada, a leading specialist in commercial foreign exchange (FX), celebrates its one-year anniversary in North America.
Meeting the strong, local demand for an alternative FX provider, the company completed 2,000 trades equalling more than $3 billion in sales, quickly establishing the Canadian branch as a market leader with its focus on personalized and proactive service.
Monex Canada, the North American subsidiary of Monex Europe, has grown its headcount by 142 per cent in 12 short months, solidifying its strategic value to Canadian clients.
"The rapid growth of our Toronto office is a testament to the good work we're doing and the demand that's driving it," says Michael Deegan, Head of Sales, Monex Canada. "We're offering Canadian clients something strategically different when it comes to customer service and there is a big opportunity for us to continue to develop our market share here in North America."
Across the group, Monex executed more than 4.9 million in annual FX transactions and held $5.2 billion in total assets as of 2017.
"The growth we've seen in the Canadian office is reflective of the opportunity we saw when we made the decision to expand our presence in North America," says Nick Edgeley, Group Managing Director, Monex Europe and Monex Canada. "With increasingly volatile markets, the efficient and savvy execution that Monex Canada brings to its client service has been and will continue to be a key driver for its success in the years ahead."
Monex is consistently ranked at the top of FX forecasting tables such as Thomson Reuters FX polls and Bloomberg's FX forecast accuracy ratings. Globally, the company is recognized as one of the most accurate currency forecasters.
Monex Canada, a subsidiary of Monex Europe with offices in Madrid, Amsterdam and Singapore is part of a wider publicly listed global financial services group with more than 30 years of experience in the FX industry. Its diverse client base consists of large publicly listed and private companies, SMEs and financial institutions. Monex offers clients FX solutions designed to help maximize opportunities and manage risks posed by volatile foreign exchange markets. The Group FX turnover has increased from $2.3bn in 2008 to $198bn in 2017, enabling Monex Canada to leverage its purchasing power to ensure the most competitive pricing and service. The Canadian operation accesses a pool of global liquidity providers including market makers, prime brokers and banks. In addition to its daily morning reports, Monex Canada provides timely domestic, international, and special economic reports and analysis to help clients make more informed trading decisions.
(Note: Monex Canada and Monex Group, the payments processor, are separate, unrelated companies)