Sanford gets grant to develop currency trading
Sanford Securities has received a $1.3 million grant from the Federal Government’s Department of Industry Science and Resources to develop a technology platform to enable retail investors to trade global currencies. Sanford will also contribute $1.3 million to the project.
The project will result in the development of technology to allow retail investors to trade and hold financial assets in multiple currencies. Currently the costs associated with retail investors trading, monitoring and settling transactions in multiple currencies is prohibitive.
This project enhances Sanford’s position not only as an online broker but also as a technology provider to the trading market. Although international trading is relatively small amongst retail investors, the merging of global sharemarkets and the development of such technology to lower transactions costs will surely see large growth in this area.