FXCM Gains CySEC License to Continue European Operations

Retail FX and CFD broker, FXCM Group, has received a fresh regulatory license from the Cyprus Securities and Exchange Commission (CySEC) just ahead of the Brexit Brexit Brexit stands for British Exit, or in reference to the United Kingdom’s decision to formally leave the European Union (EU) as declared in a June 23, 2016 referendum. In a more immediate sense, a tight vote and unexpected result helped drive British pound (GBP) to lows that had not been seen in decades.The day following the referendum, former Prime Minister David Cameron resigned from office where he was replaced by Theresa May, who later resigned from office on June 7th, 2019. Active Prime Minis Brexit stands for British Exit, or in reference to the United Kingdom’s decision to formally leave the European Union (EU) as declared in a June 23, 2016 referendum. In a more immediate sense, a tight vote and unexpected result helped drive British pound (GBP) to lows that had not been seen in decades.The day following the referendum, former Prime Minister David Cameron resigned from office where he was replaced by Theresa May, who later resigned from office on June 7th, 2019. Active Prime Minis Read this Term transition period expiry.

The Cyprus Investment Firm (CIF) license was awarded to the locally formed entity FXCM EU Ltd. It was issued on November 23, 2020, as seen on the regulator’s directory.

The license will cover five domains: https://fxcm.com/eu; https://fxcm.com/fr; https://fxcm.com/it; https://fxcm.com/gr; and https://fxcm.com/es. Though the domain name is the same, FXCM is operating in different European countries with locally translated platforms.

Owned by Jefferies Financial Group, the FXCM group has a pan-European operation. Currently, the brokerage passports its UK license to offer services into the European Union. However, the validity of that license inside Europe will be under question in case of a probable no-deal divorce between the UK and EU.

Though FXCM is still operating its European operations under the FCA’s license, it is likely to transfer its ownership under the newly acquired 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 license.

Apart from the FCA and CySEC licenses, FXCM is regulated by the financial watchdogs of Australia and South Africa.

The Rush for European Licenses

Similar to FXCM, other brokerages passporting their FCA license rights are also securing their European amid Brexit uncertainty by gaining licenses inside the European bloc.

Finance Magnates earlier reported on GAIN Capital’s application for a similar CySEC license. Acquired by Stonex, GAIN operates two popular UK-based trading platforms, Forex.com and City Index.

Darwinex, another London-based broker and asset manager, recently revealed that it approached the Spanish financial regulator for a license.