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I want to set up a fx currency market (the barrier is low in my region). Instead of getting a license to hold customer deposits for trading, I've been told that there are institutions that hold deposits & perform settlements (wire transfers) on my behalf.

What is the name of this service? Any examples?

closed as off-topic by Chris W. Rea, JoeTaxpayer Nov 25 '15 at 16:17

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    I'm voting to close this question as off-topic because it is not about personal finance. – Chris W. Rea Nov 25 '15 at 15:48
  • I can't post an answer because this question is "on hold" but it sounds like you want to find a prime broker. I had a former employer that sold a BYOB, Be Your Own Broker, program where they supplied MetaQuotes software preconfigured. Honestly, seems like a pyramid scheme. Check with your liquidity providers to see what services they offer. – Andrew Nov 25 '15 at 20:53
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That would be called "Escrow" services, and they are implemented using trusts or other similar legal mechanisms. The escrow service provider can be any kind of entity (within the limits of the applicable local law, of course).

  • Thank you. However, I'm am not looking for an arbiter between two parties. What I need is a financial service provider to hold all of the funds of my customers. My trading platform would send it payement (wire) amounts to customers that have requested withdrawals. – FXer Nov 25 '15 at 3:21
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    @FXer you mean bank? – littleadv Nov 25 '15 at 3:35

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