IBTimes: What is your professional background?
John C. Murray: John C. Murray Director of CCC; I've been in the commodities and Forex industry for 20 years.
IBTimes: How did City Credit Capital get started?
John C. Murray: CCC is part of a conglomerate. We knew the NFA was going to make a disaster out of the Forex market so we opened CCC in 2002 to be FSA regulated. At that time, we wanted to have all client funds held with FSA protection. It proved to be an extremely wise choice. The conglomerate has been in the financial industry for over 50 years, we own hedge funds, investment banks and several brokerages around the world.
IBTimes: Clients from City Credit Capital are able to trade Forex and CFD's. CCC has a very short product list, with the most traded currency pairs, commodities and indices. Which kind of traders are trading with CCC?
John C. Murray: Traders that do not want to bother with obscure currency pairs. We guarantee no slippage, we guarantee no re-quotes and we guarantee all limit and stop orders for FREE.
IBTimes: What is the minimum deposit in order to open an account with CCC?
John C. Murray: $1000, average deposit is about $35,000. We attract many professional traders because of the execution we offer and the guarantee's I mentioned.
IBTimes: I opened a demo account with CCC and I was fascinated about the structure of the platform. It is very easy to navigate. The trader can have multiple workspaces. So I arranged one workspace for Forex, the second one for Commodities and a third one for Indices. Can you explain about the different features?
John C. Murray: Our system is designed for fast execution. If you want a system with all the features of a space shuttle then don't bother with CCC. We have been in the business for a long time and we know that all the bells and whistles the other brokers offer are designed to confuse and frustrate traders. When you trade with a simple platform you are usually relaxed and sometimes you will see better results. If you trade on a complicated system, your anxiety increases and you will see poor results.
IBTimes: How do you think about Commodity trading these days?
John C. Murray: Commodity trading used to be reflection of USD. If you think the USD will weaken, go long commodities. If you think the USD will strengthen, go short commodities. Nowadays, watch China. They need massive amounts of material to build their cities.
What will be the influence of the QE2 to the commodity prices? It's already priced in. However, the USD and the EUR seem to be in a dogfight to the bottom. The US cannot get itself out of recession and the EU is bailing every country out of debt. If I were Germany, I'd pull out of the EU and start WWIII (no nukes) just to teach everyone a lesson.
IBTimes: And how do you think about the debt crisis in Europe?
John C. Murray: I think it's a complete joke. Americans started the debt crisis, Europeans perfected it. What a complete mess. I can't imagine how a country using the EURO will ever get out of debt. Switzerland must be laughing at all of us. The re-name the currency ZERO.
IBTimes: Will we see more bailouts like in Greece and in Ireland?
John C. Murray: Yes. Spain, Portugal, Italy and Belgium without a doubt are next in-line with their hands out.
IBTimes: Is the Stability Pact death?
John C. Murray: The Stability and Growth Pact is worth the paper used next to the toilet. Ask Theo Waigel what he thinks of his stability pact.