A global FX trading hub

IMC's new office will trade FX options, and when it comes to trading FX, all roads lead to London. The city commands about 40% of the global FX market share, making it the world's leading currency trading centre since the 1980s, followed by New York at around 20%.

That's largely due to geography: London bridges the Asian and US timezones, meaning it's in a prime position to capture the bulk of global currency trading activity during business hours.

“Forex is a 24-hour market,” says Ramon. “People are trading currencies somewhere in the world at any given time. In London, you can wake up and catch the end of trading in major Asian markets, focus on European currencies, and then turn to New York in the early afternoon. So, it made perfect sense to base our FX trading operation in London.”

The right regulatory environment enabling innovation

The UK’s strong regulatory framework is known for its flexibility and ability to adapt to changing market conditions and risks, allowing firms to test new products and services in a controlled environment. This favourable environment has contributed significantly to London’s status as a leading global financial centre over the past 40 years.

“London was the obvious choice from a regulatory perspective,” says Ramon. “In the US, for example, FX options are generally classified as a 'swap' instrument, the trading of which is quite restricted. The UK regulatory landscape is extremely robust, but there's room for innovation and product development.”

A thriving financial ecosystem

As the world's leading financial services centre, London also offers opportunities for partnership and collaboration. This is particularly important for market making firms such as IMC, which thrive on building strong relationships with counterparties, including institutions buying and selling assets.

“London is awash with buy-side firms – many of the world's leading asset managers and hedge funds are just a stone's throw from IMC's office,” added Ramon. “While FX options trading is typically done on-screen, face-to-face meetings are the best way to build strong relationships with our counterparties. So, being able to meet people over a quick coffee is a huge advantage."

Top talent on our doorstep

London is a magnet for top talent looking to make their mark in the world of finance and technology. It's also within easy reach of several of the world's leading universities.

“Access to talent was an important consideration when deciding where to develop our forex business,” said Ramon. “Having an office in London puts us within easy reach of a huge talent pool, including recent graduates from schools such as Oxford, Cambridge and LSE. We are excited to welcome them to our office soon!

“As we grow the office, we also need experienced traders and engineers, and London has plenty. It's also easy to attract people from overseas to come and work here – I moved from New York myself. I've found that London offers great work-life balance for experienced or mid-career professionals, especially those with families in tow.”

The thrill of the challenge

The challenge is always the biggest driver for IMCers. Quantitative trading is all about solving complex problems – and there's no better place for this than the hustle and bustle of the FX market.

“FX has historically been a very fragmented market,” Ramon says. “There are a lot of venues and there's no centralised exchange. On top of that, there are a lot of conventions and idiosyncrasies between different currency pairs that have to be worked out.

“Being at the heart of this complex marketplace plays to IMC's traditional strengths. We are a young, agile company with the product knowledge and in-house technical expertise to quickly solve problems and implement new strategies. Trading forex options in London will test all of these qualities and more – and we're looking forward to it!”

Interested in making an impact for IMC in London or another one of our global offices?