For the first time, D&B Israel Ltd. has ranked the country's independent foreign exchange companies in its Dun's 100 Israel Largest Enterprises.
D&B Israel says that the global foreign currency market is the second largest financial market in the world, with a daily turnover of $3 trillion.
Criteria for inclusion in the D&B Israel rankings were company registration in Israel, the provision of Hebrew-language services for customers, and contributing to Israeli regulation. D&B Israel's estimates the four companies' aggregate turnover in 2012 at $72 billion, and they raised $84 million over the past year. The four companies have 8,600 Israeli customers.
D&B Israel says that Israeli foreign currency companies currently operate under a partial regulatory regime, which limits their activity because investors lack full transparency for evaluating the companies' reliability before investing with them. D&B Israel believes that pending amendments to the Securities Law, and giving the Israel Securities Authority oversight of the foreign currency market will boost broaden the market to the general public, and enable the companies to achieve world-class standards of service.
D&B Israel CEO Haym Cohen said, "The independent trading arena is a non-bank activity that has existed for years, but received a huge boost when technological developments enabled multi-currency trading outside the banks. Further growth of the industry greatly depends on the sense of security and reliability that the companies will offer their customers and in computerized risk management by the companies and investors."
Published by Globes [online], Israel business news - www.globes-online.com - on December 24, 2012
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