Fortune Prime Acquires GMT Markets to Offer CFDs in Australia

Thursday, 13/07/2023 | 07:22 GMT by Arnab Shome
  • GMT Markets has offered FX and CFDs in Australia since 2011.
  • Fortune Prime has already started to offer services with the ASIC license gained through the acquisition.
australia, best forex brokers

Fortune Prime Global, trading as FPG Capital Group, announced the acquisition of GMT Markets, an Australia-licensed derivative provider, to expand services to forex and contracts for differences (CFDs) trading.

Fortune Prime Acquires GMT Markets

Headquartered in Melbourne with offices in Sydney and other parts of the country, Fortune Prime Globalportfolio encompasses construction, mortgage brokerage, currency exchange services, property development, and import and export ventures. Now, the latest acquisition will further allow it to broaden its services.

“We are excited to provide our services to Australian clients. This marks a significant milestone for FPG Capital as we further expand into the financial services sector. Our goal is to deliver excellent executions and services to traders, and we look forward to the future ahead,” said Mark Tsang, the Head of Business Development at Fortune Prime Global.

GMT Markets has been in existence since 2011. It is regulated by the Australian Securities & Investments Commission (ASIC), which the new owner can now use to offer its services.

Fortune Prime Global capital group has already started to offer FX and CFDs trading services in Australia. It provides the services under the FPG Capital Group brand with the license of the GMT Markets, which has now been transferred to Fortune Prime Global Capital Pty Ltd. The GMT Markets website shows a “site is undergoing maintenance” message, hinting at a total closure of it.

FPG Capital offers CFDs trading with forex, shares, commodities, cryptocurrencies, and indices. Apart from the Aussie license, the company also provides trading services globally with authorization from the Vanuatu Financial Services Commission (VFSC).

Strict Rules in Aussie Market

Australia is one of the mature markets for forex and CFDs trading. Activities in the country are tightly regulated by ASIC, and local authorization is mandatory.

Recently, the Aussie regulator has become strict with compliances around design and distribution obligations (DDO). It took action against several brokerages and even suspended the operations of the CFDs broker, Mitrade Global last month for 21 days. Other renowned brands flagged by ASIC were Saxo and Interactive Brokers.

Fortune Prime Global, trading as FPG Capital Group, announced the acquisition of GMT Markets, an Australia-licensed derivative provider, to expand services to forex and contracts for differences (CFDs) trading.

Fortune Prime Acquires GMT Markets

Headquartered in Melbourne with offices in Sydney and other parts of the country, Fortune Prime Globalportfolio encompasses construction, mortgage brokerage, currency exchange services, property development, and import and export ventures. Now, the latest acquisition will further allow it to broaden its services.

“We are excited to provide our services to Australian clients. This marks a significant milestone for FPG Capital as we further expand into the financial services sector. Our goal is to deliver excellent executions and services to traders, and we look forward to the future ahead,” said Mark Tsang, the Head of Business Development at Fortune Prime Global.

GMT Markets has been in existence since 2011. It is regulated by the Australian Securities & Investments Commission (ASIC), which the new owner can now use to offer its services.

Fortune Prime Global capital group has already started to offer FX and CFDs trading services in Australia. It provides the services under the FPG Capital Group brand with the license of the GMT Markets, which has now been transferred to Fortune Prime Global Capital Pty Ltd. The GMT Markets website shows a “site is undergoing maintenance” message, hinting at a total closure of it.

FPG Capital offers CFDs trading with forex, shares, commodities, cryptocurrencies, and indices. Apart from the Aussie license, the company also provides trading services globally with authorization from the Vanuatu Financial Services Commission (VFSC).

Strict Rules in Aussie Market

Australia is one of the mature markets for forex and CFDs trading. Activities in the country are tightly regulated by ASIC, and local authorization is mandatory.

Recently, the Aussie regulator has become strict with compliances around design and distribution obligations (DDO). It took action against several brokerages and even suspended the operations of the CFDs broker, Mitrade Global last month for 21 days. Other renowned brands flagged by ASIC were Saxo and Interactive Brokers.

Topics
Australia
Asic
About the Author: Arnab Shome
Arnab Shome
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Arnab is an electronics engineer-turned-financial editor. He entered the industry covering the cryptocurrency market for Finance Magnates and later expanded his reach to forex as well. He is passionate about the changing regulatory landscape on financial markets and keenly follows the disruptions in the industry with new-age technologies.

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