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- FXCM Gains CySEC License to Continue European Operations
FXCM Gains CySEC License to Continue European Operations
The broker is still running its European platforms with its FCA license.
Retail FX and CFD broker, FXCM Group, has received a fresh regulatory license from the Cyprus Securities and Exchange Commission (CySEC) just ahead of the Brexit transition period expiry.
The Cyprus Investment Firm (CIF) license was awarded to the locally formed entity FXCM EU Ltd. It was issued on November 23, 2020, as seen on the regulator’s directory.
The license will cover five domains: http://fxcm.com/eu; http://fxcm.com/fr; http://fxcm.com/it; http://fxcm.com/gr ; and http://fxcm.com/es . Though the domain name is the same, FXCM is operating in different European countries with locally translated platforms.
Owned by Jefferies Financial Group, the FXCM group has a pan-European operation. Currently, the brokerage passports its UK license to offer services into the European Union. However, the validity of that license inside Europe will be under question in case of a probable no-deal divorce between the UK and EU.
Though FXCM is still operating its European operations under the FCA’s license, it is likely to transfer its ownership under the newly acquired CySEC license.
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Apart from the FCA and CySEC licenses, FXCM is regulated by the financial watchdogs of Australia and South Africa.
The Rush for European Licenses
Similar to FXCM, other brokerages passporting their FCA license rights are also securing their European amid Brexit uncertainty by gaining licenses inside the European bloc.
Finance Magnates earlier reported on GAIN Capital’s application for a similar CySEC license. Acquired by Stonex, GAIN operates two popular UK-based trading platforms, Forex.com and City Index.
Darwinex, another London-based broker and asset manager, recently revealed that it approached the Spanish financial regulator for a license.
Saturday, December 19, 2020