Omnis FX

When the group of experienced City players behind Omnis FX was deciding on a trading location for newly formed foreign currency exchange specialist, central London might have seemed the obvious choice. But you don't build a successful career in the financial markets without having a sharp business brain - the kind of brain that thinks beyond the obvious. Putting together two key developments - high-speed broadband and eye watering London office prices - the Omnis FX team realised that there were very good reasons to look further afield. And in late 2008 the company decided to set up a trading operation in Truro.

OmnisFX, an FSA registered and Customs and excise licensed currency broker, provides cost efficient and very competitive exchange rates to both private and corporate clients. By dealing directly in the money markets it achieves more favourable exchange rates than those offered by high street banks and by some other brokers.

OmnisFX also enables its clients to protect themselves from adverse markets and prices by offering clients STOP orders, LIMIT orders and FORWARD contracts. Stop orders allow clients to factor in a worst case scenario while holding out for a more favourable rate. Forward contracts allow clients to fix prices at a forward, future date thus avoiding the possibility of falling exchange rates. Also by utilising Limit orders a client can choose to only buy a particular currency once a more favourable rate is achievable.

By basing the business in Cornwall, OmnisFX has avoided the high overhead costs in the City and added to the diversification of the local economy, showing that you don't have to be based in London to have a successful financial operation. But, as with most businesses that choose to locate in Cornwall, low overheads were by no means the only factor.

As International Business Development Manager, Alex Hart states, "I guess it comes down to the quality of life here. It's just so far ahead of anything you'll find in a big city. And if you're enjoying life to the full outside the office, you're almost certainly going to be doing a better job at work."

Workforce
Experienced account managers work out of the Truro office, with an additional member of staff taking care of back-office functions as well as providing back office services to city based institutions, while the company's directors divide their time between London and Cornwall. Omnis expects to have no problems recruiting candidates of a suitable calibre if they decide to expand their business.

Support
Cornwall Pure Business (now known as InvestinCornwall) assisted Omnis in finding suitable premises (on a new-build business estate just outside Truro's city centre) and also provided helpful advice on marketing and PR. In addition, it gave the company leads to potential sources of funding available to companies starting up or relocating to Cornwall.

Alex Hart is an active member of The Hub, Cornwall's dynamic network for young business people, and expects the company to become involved in some of the county's many other business networks as it embeds themselves into the Cornwall business scene.

Technology
Using an advanced SIP system enables multimedia communications with clients and counterparties worldwide. Calls over the system cost a small fraction of standard phone charges, leading to very substantial savings, particularly on the international and mobile calls that form a high percentage of the company's usage. Traders in the company's dealing room all have real-time access to information flows that are the life-blood of a currency business, with each trader having the current interbank rate of exchange available on screen just as quickly as dealers anywhere in the world.

Clients
The services Omnis provides are carefully tailored to each client's particular situation. Each client, whether a major corporate player seeking to hedge its forex exposure or an individual engaged in foreign property transactions, is allocated their own account manager, enabling a relationship to be built and the client's individual needs to be constantly monitored. After evaluating the client's foreign exchange requirements, Omnis advises on the most appropriate currency products and trading strategies, with business clients being provided with regular updates.