Exclusive: GO Markets Heads to Europe, Acquires Galactus Ltd

GO Markets, an Australian foreign exchange (forex) broker, is continuing its global expansion by heading to Europe with the acquisition of Cyprus-based financial services provider, Galactus Ltd, the company revealed to Finance Magnates exclusively.

Galactus Ltd is an investment firm authorized by the Cyprus Securities and Exchange Commission (CySEC CySEC The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision Read this Term) and holds license number 322/17. The company was founded in 2016.

Commenting on the acquisition, Christopher Gore, the Chief Executive Officer (CEO) of GO Markets, said: “It’s a strategic acquisition that I think puts us in good stead for our broader plans in the European region."

"For us it’s about building solid foundations in well-regulated jurisdictions. With Europe and MENA region offices coming online, it’s an exciting time for us and you can expect more good news in the first half of 2020. The landscape is changing, and we’re well placed for the challenges”.

GO Markets continues global expansion

As Finance Magnates previously reported, Australia is about to get a European makeover. That is, the local regulator, the Australian Securities and Investments Commission (ASIC), is expected to implement Leverage Leverage In financial trading, leverage is a loan supplied by a broker, which facilitates a trader in being able to control a relatively large amount of money with a significantly lesser initial investment. Leverage therefore allows traders to make a much greater return on investment compared to trading without any leverage. Traders seek to make a profit from movements in financial markets, such as stocks and currencies.Trading without any leverage would greatly diminish the potential rewards, so traders In financial trading, leverage is a loan supplied by a broker, which facilitates a trader in being able to control a relatively large amount of money with a significantly lesser initial investment. Leverage therefore allows traders to make a much greater return on investment compared to trading without any leverage. Traders seek to make a profit from movements in financial markets, such as stocks and currencies.Trading without any leverage would greatly diminish the potential rewards, so traders Read this Term restrictions and ban binary options trading for retail clients.

In particular, the Aussie regulator has proposed a single leverage ratio limit for all currency pairs 20:1. For equity indices, ASIC suggests a ratio of 15:1, commodities excluding gold 10:1, Gold 20:1, crypto-assets 2:1, and equities 5:1. These restrictions have yet to be implemented.

Because of these proposed restrictions, as has been the case in Europe, brokers need to expand and diversify their offering in order to remain competitive. This has been exactly what GO Markets has been doing in recent months.

According to the statement seen by Finance Magnates, the acquisition is the latest major milestone for the company and follows on the heels of the broker expanding its operations into the Middle East.

Earlier this year in April, the company told Finance Magnates that it had established a new subsidiary in Dubai – GO Markets MENA DMCC.