Forex Voice Brokers

Skill in carrying out operations for customers and the degree of customers’ confidence determine a voice broker’s success.

To perform their function, brokers must stay in close touch with a large number of dealers and know the rates at which market participants are prepared to buy and sell. With 93 active dealers in New York and a much larger number in London, that can be a formidable task, particularly at times of intense activity and volatile rate movements.
Information is the essential ingredient of the foreign exchange market and the player with the latest, most complete, and most reliable information holds the best cards.

As one channel, many voice brokers have open telephone lines to many trading desks, so that a bank trader dealing in, say, sterling, can hear over squawk boxes continuous oral reports of the activity of brokers in that currency, the condition of the market, the number of transactions occurring, and the rates at which trading is taking place, though traders do not hear the names of the two banks in the transaction or the specific amounts of
the trade.