LHCM, operating under the EXANTE brand name, a London-based boutique wealth management company, has secured a regulatory licence from the UK Financial Conduct Authority (FCA) and has officially launched its services in the country. The boutique brokerage disclosed the developments in a statement shared with Finance Magnates.

LHCM, which offers access to over 50 global markets to professional traders, asset and wealth managers, banks and other financial institutions, noted that it is launching in the UK at a time when several large corporations are departing the country in the aftermath of Brexit Brexit Brexit stands for British Exit, or in reference to the United Kingdom’s decision to formally leave the European Union (EU) as declared in a June 23, 2016 referendum. In a more immediate sense, a tight vote and unexpected result helped drive British pound (GBP) to lows that had not been seen in decades.The day following the referendum, former Prime Minister David Cameron resigned from office where he was replaced by Theresa May, who later resigned from office on June 7th, 2019. Active Prime Minis Brexit stands for British Exit, or in reference to the United Kingdom’s decision to formally leave the European Union (EU) as declared in a June 23, 2016 referendum. In a more immediate sense, a tight vote and unexpected result helped drive British pound (GBP) to lows that had not been seen in decades.The day following the referendum, former Prime Minister David Cameron resigned from office where he was replaced by Theresa May, who later resigned from office on June 7th, 2019. Active Prime Minis Read this Term.

However, with the new FCA license, which is an addition to the company’s existing operating European Union (EXT Ltd) and Hong Kong licenses (XHK Ltd), LHCM says it hopes to make London its headquarters while capitalizing on the growth opportunities in the country.

Watch this recent FMLS22 on the latest in retail and institutional trading.

LHCM's UK license comes only weeks after the FCA warned CEOs of wholesale brokers in London of “systemic defaults” that may not be resilient towards sudden market shocks and long periods of market stress. A month earlier, the financial watchdog sent a similar letter to CEOs of London-based CFDs brokers, warning against “poor practices” in the retail industry.

FCA Grants, Revokes Licenses in December

In the past month, while the FCA granted licenses to a number of businesses seeking to operate in the UK, it revoked those of other firms. CXM Prime, a London-based forex and CFD broker, in late December announced that it has been authorized by the FCA to offer its brokerage services in the country. The broker, which is a part of the CXM Group of Companies, hired Muinmos ApS’ Ashraf Sleiman Agha as its CEO. Additionally, MoonPay, a crypto payments solution provider, also gained its UK registration around the same time.

Still, in December, the UK subsidiary of prime broker Prime Broker Prime brokers are the designation given to individuals handling a package of services offered by investment banks, wealth management firms, and securities dealers to hedge funds which need the ability to borrow securities and cash in order to be able to invest on a netted basis and achieve an absolute return.There are two types of prime brokers - bank and non-bank corporations. Traditionally major global investment banks have been the predominant players in the space, however recent years have p Prime brokers are the designation given to individuals handling a package of services offered by investment banks, wealth management firms, and securities dealers to hedge funds which need the ability to borrow securities and cash in order to be able to invest on a netted basis and achieve an absolute return.There are two types of prime brokers - bank and non-bank corporations. Traditionally major global investment banks have been the predominant players in the space, however recent years have p Read this Term Hidden Road emerged as the first firm to secure both the digital asset and investment firm licenses of the FCA. The company said it plans to offer derivatives and spot trading activities for both crypto and fiat currency markets.

In a contrary development, the license of the UK subsidiary of Union Standard International Group was withdrawn on December 16. However, it remains unclear if the company voluntarily renounced the license or if the FCA initiated the first step.

Furthermore, the UK regulator revoked the Temporary Permissions Regime (TPR) approval it granted to Paris-headquartered Lyonnaise de Banque. The action became the FCA's first TPR cancellation related to failure to timely apply for authorization.