We met up with Angus Walker, Director at ASIC regulated Retail Forex broker, IC Markets, to learn about how IC Markets has grown since Tapaas was first engaged in January 2015, to provide Risk Management and Trading Analytics; and what having Tapaas has meant to the business and him personally, during that time.
In the interview, we learned that IC Markets would have been ranked outside the top 20 Retail Forex brokers in the world in January 2015. But they had since climbed to just outside the top 5. As noted in IC Markets November 2016 blog post, where they reported record volumes of 188 billion USD for the month of November 2016, “…this is an incredible growth story…” The growth has continued since then according to the March 2017 LeapRate Online Trading News, where they reported record volumes of 234 billion USD for March.
We learned a great deal about the challenges he faces managing risk and monitoring the trading activities at a brokerage with numerous instances of Meta Quotes trading platform servers and multiple liquidity providers involved. For IC Markets, Tapaas records nearly 1 million trades each day and tens of millions of market quote updates. According to Angus, “Tapaas allows me to see our risk position up to the second, … you just couldn’t do this with a spreadsheet.” Further, he said, “[as a Director of a Retail Forex Broker,] if I could not answer the question, what is our risk and where do we stand, within a few seconds, I wouldn’t be doing my job.”
Another very interesting use of Tapaas he shared is to be able to quickly assess the positions of traders leading into market events, such as NFP, a Presidential election, or the weekend, to identify loss potential that may arise if the market gaps. Such exposures could lead to significant losses and Tapaas allows him to identify this potential and proactively take action. When things get really hot in the markets, dependable real-time visibility of risk gives one huge peace of mind.
If I could not answer the question, what is our risk and where do we stand, within a few seconds, I wouldn’t be doing my job.
He pointed out that, in addition to real-time visibility of risk, a key to the success of a broker is that the technology they use is easy for new staff to learn. So far, he has found Tapaas to have been easy for new staff to become effective quickly.
When it comes to how Tapaas has impacted him personally, he merely chuckles and says, ‘it’s good to be able to sleep at night.’
There is much more to learn about his experience using Tapaas at one of the world’s fastest growing Retail Forex brokers.