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Financial trading on mobile becoming a reality

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Originally published on Technorati

On Wall Street, a trading desk used to mean its literal definition. Now, a hedge fund manager’s “trading desk” is her iPad.

In 2013, TradoLogic – a financial trading platform – announced an upgrade to its binary options trading platform. New features will enable portfolio managers to execute multi-currency trades worth millions of dollars by way of dashboards projected on small Android tablets and mobile gadgets.

Clients, while boarding a flight in London or Tokyo, may be able to trade multiple assets in several currencies using real-time charts. For that matter, a speculator in a bathroom stall may one day shake up financial markets with a bog trade. How about a jailed executive languishing in a low security prison?

Influence of Social Media

Major financial institutions are going where Internet users are spending their time: social media and mobile. Last year, the former global head of equity trading at Deutsche Bank, Kerim Derhalli, announced that he will soon be rolling out a financial trading platform that incorporates aspects of social networking sites.

Derhalli told eFinancial News that “he wants to build a platform ... that has elements of the shared experience one finds in social media …. It will be mobile first and community first…” Derhalli expects to launch his product in September 2013.

Cooperative Regulators

Governments around the world are beginning to ease restrictions on mobile trades. Earlier this month, the Philippine Stock Exchange (PSE) began to allow stock brokers to execute trades on cellphones and mobile tablets. “We believe [the service] will further expand brokers’ reach to investors and boost activity in the stock market in a significant way,” said PSE president Hans Sicat.

A decade ago, financial trading was confined to open-air work spaces that were filled with multiple pc screens and charts. Walking towards the parking garage or riding a New York subway meant spending crucial minutes with an inability to react to market movements. Traders relied on automated responses to hedge their risks. With mobile access, they can now execute a customized action based on real-time information.

“An online trading platform should be designed in such a way that it is straight-forward for any trader to use,” according to Banc De Binary analyst Sophie May. “The decision about when, and at what exact market value, to open a trade is vital … It is therefore crucial that the rates visible on the platform are the most accurate and as close to the real, live rates as they can be.”

In his press conference PSE president Sicat added, “Having [a mobile] system in place for the investors will allow them to enter and monitor their orders online. The system is designed to also let investors trade using their mobile phones and tablets.” In the Philippines, online trading has grown by 42 percent annually in the past five years.