Following the results of the UK’s ‘Brexit’ referendum and the associated extreme volatility in currency markets, global leader in foreign exchange AxiTrader, has issued a statement confirming that a comprehensive risk management strategy implemented in the weeks leading up to the vote has ensured AxiCorp and its global subsidiaries, which include the flagship AxiTrader brand, have been unaffected by the adverse market conditions and that all business is continuing as normal.
“We’ve known for a long time that this referendum was coming and that it had the potential to impact currency markets significantly,” says AxiCorp General Manager Alex Mackinnon.
“That’s turned out to be the case, but because of the preparation we’ve done to manage market risk and communicate those messages through to our Clients over a period of several weeks, both our company and Clients have done a fantastic job of weathering the storm so far.”
Mr. Mackinnon has said that there was little of significance to report in the areas of the business that would normally come under pressure during shock market events.
“There were no outages or latency issues, spreads were good and trade execution was fantastic with minimal latency and no outages. The overall risk management was terrific. By and large there was no need for us to take any drastic measures to protect our Clients from adverse trades – they’d heeded the warnings and stayed clear of the markets during the major volatility.”
With the outcome of the Brexit vote now being clear, Mr. Mackinnon has warned traders to remain cautious in the immediate future as the ramifications of the result continue to filter through the markets.
“This is a big event in so many ways and one that will likely have a lot more consequences for traders,” he says. “The currency markets were first to feel the full effects of Brexit, so I’d like to thank our Clients for taking a largely responsible approach during such a tumultuous time.”
Founded in 2007 and headquartered in Sydney, AxiTrader has grown to become one of Australia’s largest and leading Forex brokers. We now have offices in four regions providing local service to a global client base in more than 150 countries. With multi award-winning support and high performance trading technology, AxiTrader delivers the complete end to end trading experience.
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