This week some of the biggest stories in the retail currency trading industry involved new regulations, licenses and technologies from all around the world.
The London Summit 2017 is coming, get involved!
[gptAdvertisement]
Malaysia
On Monday we reported that Rakuten Securities, one of the largest foreign exchange brokers in Japan and subsidiary of conglomerate Rakuten Inc, has achieved regulatory approval in Malaysia.
Rakuten Trade was granted a Capital Markets Services License, allowing it to list and deal in securities in the country, satisfying all regulatory obligations in the country, as mandated by the Capital Markets and Services Act of 2007.
Russia
On Tuesday the Bank of Russia officially approved the basic standards for operation in the market. As of the 2nd of May, Forex brokers that are officially regulated by the central bank will be able to advertise their products.
Commenting on the news, the CEO of Alpari Forex, Guzel Mirzeeva, said: “The official approval of the first basic standards for forex dealers is a ver important stage for the Russian retail forex market. The Bank of Russia will be supervising the companies that are offering their services in Russia, therefore defending clients from the actions of unscrupulous companies.”
France
On Wednesday Finance Magnates exclusively revealed that Leverate has confirmed that its Sirix Trading Platform is now fully compliant with the French regulatory requirements.
According to Nicc Lewis, Chief Marketing Officer at Leverate: "It is a time of transition in the EU and regulation is one factor that is reducing the profit margin per user. Brokers will have to attract more traders from more markets to compensate. Having a combination of a compliant trading platform and marketing automation is the first step – and Leverate is committed to providing these.”
oneZero
On Thursday oneZero Financial Systems officially released the latest iteration of Liquidity Hub.
oneZero has announced that the following additional features are now available to its entire base of clients: Warehouse Profiling Controls, Full API Support, Externally-Facing SQL DB, MT5 / Multi-Asset Expansion, B2B Trade Portal and Full Back-Office Framework.
Saxo Bank
On Friday the news broke that Lars Seier Christiansen has sold off his stake in Saxo Bank to Chinese billionaire Li Shufu - the chairman and major shareholder of the Hong Kong based subsidiary of none other than private company Zhejiang Geely Holding Group Co.
Geely made headlines worldwide after acquiring Volvo Cars in 2010 and the London Taxi Company. Saxo Bank’s new investor is a 30-year old Fortune 500 company, with revenues for 2016 totaling over $26 billion, while the firm’s total assets were just over $24 billion.
