Microsoft Access could no longer han-
dle the increasing sales lead volume
that Forex Capital Markets (FXCM) was
experiencing as the company grew.
FXCM needed a low-maintenance
solution that could be customized to
match its complex sales process.
Thursday, March 12, 2009
Solution of Forex Capital Markets
FXCM selected an on-demand CRM
application from salesforce.com over
CRM software from Siebel, GoldMine,
and SalesLogix. The solution was
implemented in less than two weeks,
customized in-house, and easily inte-
grated with internal databases
and systems.
application from salesforce.com over
CRM software from Siebel, GoldMine,
and SalesLogix. The solution was
implemented in less than two weeks,
customized in-house, and easily inte-
grated with internal databases
and systems.
Result of Forex Capital Marketing
One hundred worldwide users better
track and manage sales activities
and marketing campaigns, giving
productivity a 25 percent boost. The
solution easily handles FXCM’s large
lead volume, preventing valuable leads
from falling through the cracks.
track and manage sales activities
and marketing campaigns, giving
productivity a 25 percent boost. The
solution easily handles FXCM’s large
lead volume, preventing valuable leads
from falling through the cracks.
Forex Capital Market
International buying and selling of global currencies comprises the largest and most liquid market
in the world, with daily volume exceeding $1.4 trillion. Since it was founded in 1999, Forex
Capital Markets (FXCM) has grown into one of the largest currency trading firms in the world
by offering traders direct access to this dynamic, global market. The company now boasts 12,000
clients in 70 countries and an average monthly trading volume that exceeds $20 billion.
in the world, with daily volume exceeding $1.4 trillion. Since it was founded in 1999, Forex
Capital Markets (FXCM) has grown into one of the largest currency trading firms in the world
by offering traders direct access to this dynamic, global market. The company now boasts 12,000
clients in 70 countries and an average monthly trading volume that exceeds $20 billion.
FXCM History
FXCM’s history, the sales team tracked new leads and prospects in Excel spreadsheets.
As the company grew, the team switched to Microsoft Access to manage increasing lead volume,
but FXCM’s success soon outgrew that system, too. “The incredible volume was too much for
Access to handle and was creating troubling inefficiencies that resulted in some leads being called
twice while others were ignored,” explains Marc Prosser, chief marketing officer at FXCM. “And
to make matters worse, we were not able to easily share customer information as prospects moved
through the pipeline. Our customers and our salespeople work around the world and around the
clock, so seamless coordination is critical.”
As the company grew, the team switched to Microsoft Access to manage increasing lead volume,
but FXCM’s success soon outgrew that system, too. “The incredible volume was too much for
Access to handle and was creating troubling inefficiencies that resulted in some leads being called
twice while others were ignored,” explains Marc Prosser, chief marketing officer at FXCM. “And
to make matters worse, we were not able to easily share customer information as prospects moved
through the pipeline. Our customers and our salespeople work around the world and around the
clock, so seamless coordination is critical.”
FXCM purchase CRM
FXCM decided to purchase a CRM solution to ensure that the company both capitalized on
its continually increasing lead volume and also retained its critical focus on building strong
relationships with prospects and customers, which is critical to success in the financial marketplace.
its continually increasing lead volume and also retained its critical focus on building strong
relationships with prospects and customers, which is critical to success in the financial marketplace.
Dynamic, Global Market Warrants Flexible CRM
In addition to better tracking and sharing capabilities, FXCM sought a solution that they could
easily customize. “We have a complex selling process that requires more flexibility than most
out-of-the-box CRM solutions can provide,” says Prosser. “In fact, we found that even solutions
that were specifically targeted to the financial services industry could not give us what we needed
without some serious tweaks.”
easily customize. “We have a complex selling process that requires more flexibility than most
out-of-the-box CRM solutions can provide,” says Prosser. “In fact, we found that even solutions
that were specifically targeted to the financial services industry could not give us what we needed
without some serious tweaks.”
FXCM dont want to pull IT's
FXCM also did not want to pull IT resources away from product work to focus on a CRM
implementation, so ease-of-installation and minimal ongoing maintenance requirements were
important criteria as well.
The company evaluated solutions from companies including Siebel, GoldMine, and SalesLogix
but was impressed with salesforce.com. The deal was sealed during a free, 30-day test drive of the
on-demand CRM solution. “With most solutions, a salesperson walks you through the demo, or
you can try a genericized demo on your own,” explains Prosser. “With Salesforce, we were able to
kick the tires in our own personal account for up to a month. We tested the functionality that was
important to us and even customized the solution to match our sales process, all on our own and
right within the free demo account. After we signed up, all those customizations and data rolled
into our live solution.”
implementation, so ease-of-installation and minimal ongoing maintenance requirements were
important criteria as well.
The company evaluated solutions from companies including Siebel, GoldMine, and SalesLogix
but was impressed with salesforce.com. The deal was sealed during a free, 30-day test drive of the
on-demand CRM solution. “With most solutions, a salesperson walks you through the demo, or
you can try a genericized demo on your own,” explains Prosser. “With Salesforce, we were able to
kick the tires in our own personal account for up to a month. We tested the functionality that was
important to us and even customized the solution to match our sales process, all on our own and
right within the free demo account. After we signed up, all those customizations and data rolled
into our live solution.”
Salesforce Handles Impressive Lead Volume and Boosts Productivity
Salesforce was up and running at FXCM in less than two weeks. In the first two months alone,
50 sales users successfully tracked and managed more than 15,000 leads in Salesforce. Today, more than 100 FXCM employees around the world are using salesforce.com’s Enterprise Edition to better track team and individual sales activities as well as marketing campaigns. “Salesforce helps us process leads much more efficiently than we did before, and we estimate that productivity is up 25 percent,says Prosser. “Our customizations put all the information that our sales team needs no more than two clicks away.”
50 sales users successfully tracked and managed more than 15,000 leads in Salesforce. Today, more than 100 FXCM employees around the world are using salesforce.com’s Enterprise Edition to better track team and individual sales activities as well as marketing campaigns. “Salesforce helps us process leads much more efficiently than we did before, and we estimate that productivity is up 25 percent,says Prosser. “Our customizations put all the information that our sales team needs no more than two clicks away.”
Salesforce facilitated integration with internal systems
Salesforce facilitated integration with internal systems—including a proprietary software applicationbuilt on top of an Oracle database—putting new and updated customer information such as accounttransactions, balances, and contact information within easy reach of sales teams using Salesforce. FXCM quickly and easily achieved its various integration projects through a combination of in-house FXCM resources, a third-party tool, and salesforce.com’s professional services. “Our abilityto do some of our own integration work underscores a key value proposition of Salesforce—it’s veryeasy to install and maintain, and even integration requires few, if any, outside resources,” says Prosser. “Because it’s so tightly integrated, our busy teams can get a complete view of the entire customerexperience simply by logging into Salesforce.”
sensitive nature of financial information
FXCM also needed tight control over securitypermissions and functional privileges. Salesforce allows FXCM to control data access by setting user, department, or role-based data security and sharing privileges, ensuring that information is not improperly accessed or shared. For example, sensitive data that is used by the compliance and institutional sales groups are shielded from users in other FXCM groups. Even joint venture partners have restricted access to Salesforce, giving them access to limited and very specific information and activities.
FXCM Trading System
FXCM a trading system of my own devise, have purchased (or leased) a system developed by a third party system developer, or have subscribed to and/or authorized FXCM to follow a trade recommendation service or hotline of my own selection (“My Program”) which I may revise from time to time. I acknowledge that I have been apprised of the volume of trading and resulting commissions to be generated by My Program and the impact this may have on its performance.
FXCM Trading System
Trading signals and recommendations are produced by My Program and not by FXCM and that FXCM’s responsibility is to use commercially reasonable efforts to enter orders pursuant to the signals and recommendations generated by My Program and as received by FXCM. I confirm that FXCM has not solicited, or in any other way recommended, my participation in trading My Program with FXCM. I have made inquires and conducted research into My Program sufficient to make an informed investment decision. FXCM cannot imply or guarantee that I will make a profit from My Program and I agree that FXCM will not be held responsible for My Program’s performance or trading losses incurred in my account as a result of my trading pursuant .
FXCM will accept this form as Limited Power of Attorney for my account and will enter
orders for my account in accordance with the trading signals generated by My Program. Forex transactions in the Forex market as designated by My Program
may be traded in my account in accordance with my grant of Limited Power of Attorney. Tradency BVI as my Program Provider my trading access will be provided by Tradency not FXCM.
FXCM solely for the purpose of entering orders in accordance with the signals generated by My Program. If My Program is a third-party developed system, trade recommendation service or hotline, I have arranged for the originator of the service or hotline to transmit by facsimile, telephone, or otherwise, the trade signals to be executed for my account. If more than one FXCM client is using the same system or service as My Program, I acknowledge FXCM may enter block orders to enhance order execution, in which case a fair and systematic fill allocation method will be employed. FXCM shall not be responsible for mechanical or communication line failure, system errors, data failure or any other causes beyond its control. I acknowledge that FXCM can accept and execute orders only if actually received or generated and then on a “not held” basis .
FXCM will accept this form as Limited Power of Attorney for my account and will enter
orders for my account in accordance with the trading signals generated by My Program. Forex transactions in the Forex market as designated by My Program
may be traded in my account in accordance with my grant of Limited Power of Attorney. Tradency BVI as my Program Provider my trading access will be provided by Tradency not FXCM.
FXCM solely for the purpose of entering orders in accordance with the signals generated by My Program. If My Program is a third-party developed system, trade recommendation service or hotline, I have arranged for the originator of the service or hotline to transmit by facsimile, telephone, or otherwise, the trade signals to be executed for my account. If more than one FXCM client is using the same system or service as My Program, I acknowledge FXCM may enter block orders to enhance order execution, in which case a fair and systematic fill allocation method will be employed. FXCM shall not be responsible for mechanical or communication line failure, system errors, data failure or any other causes beyond its control. I acknowledge that FXCM can accept and execute orders only if actually received or generated and then on a “not held” basis .
System Trading Commission
I am aware of the speculative nature and high risks associated with Forex trading. I have
provided the ideas, techniques and trading parameters used in My Program or, if it is a third-
party developed system or trade recommendation service or hotline, I understand its trading
parameters. I have had the opportunity to ask questions on how my account will be handled.
I acknowledge that I have not purchased My Program from FXCM although it may have
acted as my agent in the purchase or lease of My Program. I understand that there is no trading system or recommendation service that is free from the risk of loss. FXCM does not
imply or guarantee that I will make a profit and I agree that neither FXCM nor any of its officers, directors, employees, consultants, agents or affiliates will be held responsible for the performance of My Program or trading losses in my account.
I understand that using My Program to generate trading signals exposes me to risks
associated with the use of computers and data feed systems relied on by FXCM. I agree to
accept such risks, which may include, but are not limited to, failure of hardware, software or
communication lines or systems and/or inaccurate external data feeds provided by third-
party vendors and further agree to hold FXCM harmless from any losses in my account
associated with these risks. Absent willful or wanton misconduct, neither FXCM nor any of
its officers, directors, vendors, employees, agents, associated persons or FXCM personnel
will be liable for any such breakdown or failure.
FXCM may act upon the authority given by this letter of direction until I revoke the
authority by written notice addressed and actually delivered to FXCM. I shall be responsible
for any open lots in my account at the time that I revoke the authority and I shall permit FXCM to execute offsetting orders for such lots.
In lieu of sending trade confirmation via postal mail, FXCM will provide me with access to
view my account at any time using the Internet with an online login. FXCM shall make
statements available to me showing the ledger balance, the exact positions in the account,
the net profit or loss in all contracts closed since the date of the last statement, and the net
unrealized profit and loss in all open contracts figured to the market. I will carefully review these statements. If I have any questions, I will contact FXCM immediately.
I agree that, in the absence of willful or wanton misconduct, neither FXCM nor any of its
officers, directors, employees, consultants, agents or affiliates will be held liable for any act
or omission in the course of or in connection with my participation in My Program. I shall indemnify FXCM, its principals, officers, directors, employees, agents, successor and/or assigns from all losses and/or liability (including reasonable attorney’s and/or accountant’s fees) incurred or resulting from this Letter of Direction and Limited Power of Attorney to execute My Program, provided that there has been no judicial determination that such liability was the result of gross negligence or recklessness or intentional misconduct by FXCM, and further provided that the conduct that was the basis for such liability was not undertaken in the actual and reasonable belief that it was in the best interest of my account.
provided the ideas, techniques and trading parameters used in My Program or, if it is a third-
party developed system or trade recommendation service or hotline, I understand its trading
parameters. I have had the opportunity to ask questions on how my account will be handled.
I acknowledge that I have not purchased My Program from FXCM although it may have
acted as my agent in the purchase or lease of My Program. I understand that there is no trading system or recommendation service that is free from the risk of loss. FXCM does not
imply or guarantee that I will make a profit and I agree that neither FXCM nor any of its officers, directors, employees, consultants, agents or affiliates will be held responsible for the performance of My Program or trading losses in my account.
I understand that using My Program to generate trading signals exposes me to risks
associated with the use of computers and data feed systems relied on by FXCM. I agree to
accept such risks, which may include, but are not limited to, failure of hardware, software or
communication lines or systems and/or inaccurate external data feeds provided by third-
party vendors and further agree to hold FXCM harmless from any losses in my account
associated with these risks. Absent willful or wanton misconduct, neither FXCM nor any of
its officers, directors, vendors, employees, agents, associated persons or FXCM personnel
will be liable for any such breakdown or failure.
FXCM may act upon the authority given by this letter of direction until I revoke the
authority by written notice addressed and actually delivered to FXCM. I shall be responsible
for any open lots in my account at the time that I revoke the authority and I shall permit FXCM to execute offsetting orders for such lots.
In lieu of sending trade confirmation via postal mail, FXCM will provide me with access to
view my account at any time using the Internet with an online login. FXCM shall make
statements available to me showing the ledger balance, the exact positions in the account,
the net profit or loss in all contracts closed since the date of the last statement, and the net
unrealized profit and loss in all open contracts figured to the market. I will carefully review these statements. If I have any questions, I will contact FXCM immediately.
I agree that, in the absence of willful or wanton misconduct, neither FXCM nor any of its
officers, directors, employees, consultants, agents or affiliates will be held liable for any act
or omission in the course of or in connection with my participation in My Program. I shall indemnify FXCM, its principals, officers, directors, employees, agents, successor and/or assigns from all losses and/or liability (including reasonable attorney’s and/or accountant’s fees) incurred or resulting from this Letter of Direction and Limited Power of Attorney to execute My Program, provided that there has been no judicial determination that such liability was the result of gross negligence or recklessness or intentional misconduct by FXCM, and further provided that the conduct that was the basis for such liability was not undertaken in the actual and reasonable belief that it was in the best interest of my account.
Forex Trading Risks
Forex market trading, only genuine “risk” funds should be used in such trading. Account holders that do not have the extra capital that may be subject to a total loss, should not trade in the Forex market. No “safe” trading system has ever been devised, and no one can guarantee profits or freedom from loss. In fact no one can even guarantee to limit the extent of losses.
In connection with my foreign exchange (“FX”) trading account carried by Forex Capital
Markets, LLC, (“FXCM”), the undersigned Account Holder hereby ratifies and confirms that he/she has agreed to be charged and to compensate the person or entity named below for services rendered in accordance with the following terms. FXCM is hereby authorized to deduct from Account Holder’s account and pay to the Service Provider
In connection with my foreign exchange (“FX”) trading account carried by Forex Capital
Markets, LLC, (“FXCM”), the undersigned Account Holder hereby ratifies and confirms that he/she has agreed to be charged and to compensate the person or entity named below for services rendered in accordance with the following terms. FXCM is hereby authorized to deduct from Account Holder’s account and pay to the Service Provider
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