About FXDC
The Foreign Exchange Dealers Coalition is an alliance of the largest U.S. foreign exchange dealers. It was created to pool together industry resources to create awareness and recognition that forex dealers are a powerful choice for individuals who choose to speculate in financial markets.
The FXDC partnership was formed in the fall of 2007 to demonstrate the viability of the forex industry and to ensure fair regulation and oversight that does not hamper freedom of choice, innovation or job creation.
History of the U.S. Forex Industry: A Legacy of Innovation and Entrepreneurship
In the late 1990s, a group of American entrepreneurs saw the future of trading. Over-the-counter (or off exchange) foreign exchange trading was generating significant profits for large banks and corporations and, likewise, it lured individual traders who were increasingly becoming interested in participating in the large, but seemingly closed, market.
However, individuals with relatively small capital and no access to proprietary bank-to-bank computer systems were only able to trade currencies as futures through two exchanges. There was no method for traders to participate in the over-the-counter (OTC) forex market. The rapid pace of the currency market made it very difficult to trade on exchange, as most exchanges still traded currencies in the pit an age-old system requiring multiple interactions to place a single trade. In addition, there were only a handful of currency markets available to trade, with inconsistent pricing and trading volumes. The pricing spreads fluctuated to widen significantly during times of increased market volatility, and market liquidity was not sufficient for overnight trading.
Meanwhile, Internet technologies were making rapid advances, and small upstarts recognized that these new technologies could solve the service delays and other problems faced when trading currencies with exchanges. These entrepreneurs became forex dealers who saw the Internet as an ideal avenue to provide customers with what they needed instant and efficient access to the rapidly moving currency market.
The Global Forex Industry Today: Creating and Sustaining American Jobs
The global forex industry has boosted the national economy by training and employing a domestic workforce of thousands. In a global marketplace where Americans struggle to compete for high-tech jobs, American forex dealers lead the world in this fast-growing industry, outpacing other firms based in Europe, Japan and Australia.
The American firms are regarded as the leaders in the industry, hiring highly-coveted, knowledge-based workers who contribute to the economys bottom line.
