Rubix FX, an Australian broker registered under the name Gleneagle Securities, today announced the business' rebrand to FXTRADING.com, effective today.
The rebranded broker will encompass all of Rubix FX's regulatory profiles around the globe. With no significant action needed by clients and partners, it will continue to operate under both Gleneagle Securities (Aust) Pty Limited, which is authorized by the Australian Securities and Investments Commission and Gleneagle Securities Pty Limited, regulated by the Vanuatu Financial Services Commission (VFSC).
"To rapidly pursue our goals of global expansion in the retail and institutional FX trading industry, we have acquired the premium domain name and brand FXTRADING.com to represent our organization's core values and industry leading products and services into the future," Jonathan Wine, a company representative said.
The change will be fairly subtle, although all existing client and partner accounts will automatically transition to the new FXTRADING.com brand.
ASIC preparing to flex its new regulatory muscles
Having opened its doors for business in 2014, Rubix FX is one of the oldest foreign exchange brokers in the region. Although it's not clear what is behind the move, it comes as the industry awaits the finalization of ASIC's proposed administration of its product intervention powers, which promptly demanded a huge data collection.
The Australian financial watchdog has kicked off its largest swipe against the sale of risky investments to retail investors, but industry players are claiming that they already operate in compliance with most of these restrictions.
The corporate regulator has been preparing to flex its new regulatory muscles after a recent review found in 2018 alone 80 percent of binary traders and 72 percent of clients who traded CFDs, lost money. Retail traders lost nearly $490 million and $1.5 billion a year in trading binary options and CFDs, respectively, according to ASIC data.
Still, the regulatory updates, which will include Leverage limits, margin closeout rules, and Negative Balance protection, are anticipated to affect fortunes of local brokers from their Australian customers.
