FXall, an electronic foreign exchange platform, has expanded its Asia Pacific operations with the opening of a new office in Sydney. Led by industry expert Jonathan Woodward, who was appointed as head of Australia & New Zealand, the office will support FXall's growing business operations in the Asia Pacific region and complement its existing Singapore and Tokyo bases. According to the 2007, Triennial Central Bank Survey, Australia's share of foreign exchange turnover has risen to 4.3%, up from 2.4% in 2001, and the market remains a key growth area for FXall.
Woodward joins FXall with over 20 years experience in the electronic trading industry including six years with State Street, where he was general manager of FX Connect for Australia and New Zealand. "There is a wealth of opportunity for FXall in the Australian market as the corporate treasury and asset management communities look to take advantage of the tools and processes pioneered in the US and European markets. We feel Jonathan's industry knowledge and experience make him the perfect choice to drive the growth of our Sydney office," said Phil Weisberg, chief executive officer of FXall, in a press release.
Jonathan Woodward, head of Australia & New Zealand at FXall added in the release, "The opening of our Sydney offices comes at a key growth stage in the Australian market. The appetite for electronic FX trading in the region is increasing as investors look for a way to hedge against counterparty risk whilst enhancing trade execution quality. FXall is uniquely placed to capitalize on the opportunities the Australian market affords."