Without a doubt the British vote to leave the European Union was the biggest story in the financial world this year. However, during the passing week there were also other interesting stories from the online trading industry including details on new services and regulatory licenses. We bring here some of the most important ones.
FXGiants UK
On Monday we reported that IronFX is continuing its rebranding efforts by launching the FXGiants brand under its UK subsidiary regulated by the FCA, 8SAFE UK Limited.
The launch signals a broader push for the firm to diversify its brand portfolio which is consolidated under Nukkleus. The brand name FXGiants was specifically mentioned in the agreement between IronFX Global and the OTC Markets listed firm.
SIRIXPay
On Tuesday we revealed that Leverate is soft launching its own payments solution called SIRIXPay, according to Finance Magnates' sources with knowledge of the matter.
While the market is abundant with payment processors, the company is aiming to have the service built in, which bodes well for an easy integration with any additional processors that the broker may require.
Regulations on the Horizon in Chile?
On Wednesday we took a look at the market in Chile where it appears that the regulatory system has noticed the legal vacuum and realized that it could prevent scams or unregulated brokers going bust and taking clients money with them by regulating the industry.
Aldo Cornejo, president of the congressional commission, said: “We are already late for many investors, but the only way to avoid more collapses is to increase the powers of the regulators.”
Belarusian Forex Licenses
On Thursday it was reported that the National Bank of Belarus has issued two new licenses for FX brokerages. The local representative offices of Alpari and Gerchik&Co will be legally permitted to operate in the country.
The acquisition of the licenses should enable the firms to start again, providing their services in Belarus in the very near future. The firms had to deposit a deposit guarantee fee totaling no less than $55,000.
Brexit
Unless you have been hiding under a rock for the past few days, you must already know all about the British electorate's decision to leave the EU and the resulting effects on the GBP as well as stock indices around the world. Nevertheless one aspect that needs to be highlighted is just how smoothly the online trading industry handled it all.
Thanks to all the precautionary safety measures taken by brokers, moving to close-only mode or reducing leverage, we have not seen any SNB-style collapse during this crisis. One by one brokers came out on Friday and made public statements regarding the financial stability of their business. A few notable ones included, FXCM, GAIN Capital, IG Group and CMC Markets.
Offering a first post-Brexit analysis, we wrote about the possible near and long term Implications for the trading industry.
