We continue our article series in which we are happy to introduce you to the people helping us create a new blockchain reality.

Today, we are introducing Peg Reed, a veteran of the foreign exchange trading industry, adviser to the BANKEX project. She has spent many years in senior positions at Bank of America, Standard Chartered Bank, Barclays Bank, IBFX and Gain Capital. She is also known for being part of the team that launched Hotspot FX in 1999, a move that helped shape the modern foreign exchange trading market. As a top manager, Peg Reed has played a key role in the formulation and realization of the market and marketing strategies of well-known forex companies like GFT/Gain Capital, IBFX and Hotspot/Knight Securities. She has also acted as the main promoter for forex products and services in a few large financial organizations, has helped in the creation of new financial companies under various jurisdictions, and has also been able to create an international, multifunctional marketing team with the goal of bolstering business profitability. Now, Peg Reed serves as Chief Operating Officer at the Forex Development Corporation. Her responsibilities include expanding the company’s customer base and its global presence. She is also a member of the Dispute Resolution Committee of the Financial Commission.

“I am excited and honored to be advising and working with BANKEX. This is a group of really bright people and I am confident something great will be achieved here. BANKEX is positioned in an excellent manner to expand in the crypto space and will offer a superior service to their customer base”, — said Peg Reed.

In addition to overseeing sales, marketing and business development in her capacity as FDC’s Chief Operating Officer, Peg Reed also implements the company’s aggressive institutional FX B2B strategy.

She has said in an interview: “I was looking for a start-up firm that had not only the vision but also in-house software development capabilities to reshape the retail FX competitive landscape, and introduce innovative FX products and services. I firmly believe that FDC’s market positioning is a perfect fit for my experience of taking start-up companies to the next level and helping FX firms develop and grow their B2B businesses. The next phase of the company will be increasing customer acquisition, building global support teams and implementing operational excellence which will help us scale the business and serve our customers better in various geographic locations.”

The firms that succeeded were the ones that successfully addressed three main areas of PoP business: Fund Custody, Trading Conditions, and Complete Technology. Peg Reed maintains that Complete Technology allows technology control on the client’s side and reduces the risk of the client switching to a different service provider. The currently popular White label model, whereby large companies offer third-party technology under their own brand, creates considerable barriers to market entry for new financial institutions. Even with their own platform, new players have a hard time persuading traders to switch away from the trading platforms they are accustomed to. But new technology companies have appeared that provide a complete technology and liquidity solution and have the flexibility to approach the market either as a technology company or a financial firm depending on the needs of the client. This means that a successful PoP firm must either provide a complete MT4 solution (such as NSFX Prime) that truly meets the needs of its clients, or alternatively have a proven proprietary platform that has served traders for the past 20 years (such as iFOREX Prime).

Peg Reed is an adviser to the BANKEX team and the developed platform. Her experience, bold approach to advancing technology and complex approach to service provision allows us to attract clients more effectively than is possible with the existing business models for tech companies.