Has anyone seen this?
Leading Australian Forex broker Synergy FX (synergyfx.com.au) announced today that it is now accepting client applications for its new “SynergyHybrid ECN” account type, less than 2 weeks after the market-shaking events of “Black Thursday”. Swiss National Bank intervention that day caused independent currency traders from around the globe to begin demanding some sort of protection from the very real possibility that their account could be caught with a massive “Negative Balance” that they might be required legally to repay. For some traders, this “Black Swan” exposure has resulted in a disastrous outcome to their trading endeavors, and indeed their very financial lives in many cases. Entire institutions have been left vulnerable, and many traders are desperately hoping their broker not only survives but is kind enough to forgive negative balances. A broker product solution has rarely been more desperately sought.
Only in the last week or so did a new buzzword begin to be seen across forex forums and discussion groups online. “Hybrid” became the term used to describe a trading account type that incorporates the most powerful elements of what is known as the “A-Book” and “B-Book” trading models, with the specific intent of protecting traders from any legal liability to “Negative Balances”. In response, Synergy FX proudly is now offering “Hybrid Execution” accounts.
Synergy FX CEO Christian Dove had this to say: “As a result of public demand for Negative Balance Protection, we have created our ‘SynergyHybrid ECN’ account. Historically Synergy has run an agency model, as we have always believed in true, fair and transparent pricing for our clients. As we’ve seen however, this model has led to the potential of the clients going into negative equity, and this has caused disasters with some of the big boys. We at Synergy FX have the skill sets to manage the ‘edges’ of our clients exposures, which has enabled us to change the way we think about the service and the pricing we can offer you. We can now offer you the exact pricing that we receive from the market, and we simply charge you a small commission for each transaction made. So that’s spreads from 0 pips.
Mr Dove continued, “For ‘SynergyHybrid ECN’ accounts any negative balance is automatically forgiven and we’ve made that GUARANTEED in our PDS and legal documentation. No other broker at the point of this writing has done this. I believe this is the future of our business and I’m proud that Synergy FX is a leader. The reason we can do it is that we have an experienced team behind us.”
Mr Dove concluded: “So with the combination of raw bank spreads from zero pips and true “Negative Balance Protection” in writing, SynergyHybrid ECN is an account designed for real traders. Safety meets Performance, fully ASIC regulated. It’s all about providing you with the best possible product.”
Hey great news.Thanks a lot for providing this valuable information.
I being a broker was looking forward this decision for a long time and to get this news from this forum is a thing to be overjoyed for.
As i am following these forums for a long time now and to get such information here is actually great.
Looking forward for more such experience and news.
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