FX all IPO roadshow slideshow

FX all IPO roadshow slideshow explained by professional Forex trading experts the “FX all IPO roadshow slideshow” FX trading team.

FX all IPO roadshow slideshow

Since breaking the news of FXall IPO hitting the road and the offering details, we have been inundated with questions and comments the past few days from folks looking at the upcoming IPO of the Forex ECN company. Management of FXall are currently on a week-and-a-half roadshow meeting institutional investors, prior to the planned pricing of the IPO mid next week (expected Wed Feb 8).

To address some of the issues raised in an organized fashion:

1) Can I see the FXall slideshow being shown to institutional investors? Yes. The slideshow, along with a 20-minute video presentation led by FXall CEO Phil Weisberg, can be seen by clicking here (and then choosing the “FX Alliance” link).

2) What are investors looking for while analyzing an investment in FXall? Good question. And there is no easy or uniform answer. Each investor looks for different things, in different ways, beyond the obvious and basic metrics such as growth in volumes, revenues, margins, profits, competition, industry dynamics….. We believe, however, that potential FXall investors should be able to address the following key questions:

Growth. Was the fall in volumes in Q4 at both FXall and throughout the Forex ECN industry a one-time blip, or the beginning of some drawn out slowdown? In its prospectus, FXall blamed the drop in volumes on the “Eurozone crisis, which has created uncertainty…”. We don’t buy that. In the past, the BEST times for Forex trading volumes have come specifically during turbulent financial times, when high levels of volatility entice traders.
Industry becoming crowded? As this is about as commoditized an industry as one can imagine, with clients (i.e. institutional and corporate traders) looking mainly for the best prices out there, where are margins going as more and more players join an already crowded market? As we reported earlier, aside from reporting falling revenues and EBITDA levels FXall has shown a rapid deterioration in its key operating margins (see charts below) the past two years.

FX all IPO roadshow slideshow Conclusion

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