NEW YORK--(BUSINESS WIRE)--Forex International Trading Corp. (the "Company") (OTCBB:FXIT), a company principally engaged in offering via affiliates a web-based foreign currency trading platform to non US residents, professionals and retail clients, today announced the appointment of Michael Weissman as Executive Vice President. Mr. Weissman will be in charge of developing the Company’s U.S. business through Wheatley Asset Management, LLC an Introducing Brokers (“IB”) that the Company acquired 50% of as reported on Form 8K/A filed with the SEC on February 28, 2011. Mr. Weissman will be involved in the development of the Company’s online trading platform for U.S. residents, which represents a new market and potential revenue stream for the Company.
“We are excited to have Michael join our company. His experience as an entrepreneur, corporate executive, and forex trader will be important as we expand our operations here in the United States,” stated Darren Dunckel CEO of Forex International Trading. “We are also excited with relocating our corporate office to New York City. I believe it is vital that we begin to establish a presence, as well as operations within one of the largest financial capitals of the world.”
In 2004, Mr. Weissman started trading currencies in the Forex markets and acquired his National Futures Association Series 3 & 34 licenses and then in 2009 founded both Wheatley Asset Management LLC, an IB in the Forex and Futures markets, as well as Forex New York City LLC, an education and training company dedicated to serving the rapidly growing market of retail traders wishing to learn how to trade the world's currencies. As managing member, Mr. Weissman’s responsibilities included strategic planning, administration, compliance and marketing. Mr. Weissman earned his Bachelors of Science from the State University of New York at Binghamton in 1978.
About Forex International Trading Corp.
Headquartered in New York, NY, Forex International Trading Corp. operates an advanced online trading platform for Forex markets to non U.S. residents. This platform allows self-directed, broker-assisted, managed accounts and accumulation programs. Through the platform, customers have access to over 20 currencies and bullion deliveries. The Foreign Currency Market ("Forex" or "FX") is created by the global exchange of currencies. In addition, the company is developing a trading platform for U.S. residents. The company provides education and training via the web as well as at its midtown Manhattan location. According to the Bank for International Settlements, the average daily turnover, or, volume in the Global FX market in April 2010 was $4 Trillion compared to only $1.2 Trillion in 2001 (Wall Street Journal, Sept. 1, 2010). Historically, access to the FX market was only available to governments, commercial banks, corporations, and other large financial institutions. The Company is now capitalizing on the growth of online currency trading through its state of the art web-based trading platform.
For more information, please visit: http://forex-international-trading.com.
Forward-Looking Statements: This press release contains forward-looking statements, including expected industry patterns and other financial and business results that involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to differ materially from results expressed or implied by this press release. Such risk factors include, among others, whether Forex International Trading Corp. can successfully execute its operating plan; its ability to integrate acquired companies and technology; its ability to retain key employees; its ability to successfully combine product offerings and customer acceptance of combined products; general market conditions; and whether Forex International Trading Corp. can successfully develop new products and the degree to which these gain market acceptance. Actual results may differ materially from those contained in the forward-looking statements in this press release. Forex International Trading Corp. does not undertake any obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.