The United Kingdom-headquarters of LMAX Global has decided to transfer the accounts of its Polish clients to the local FX brokerage platform, Conotoxia.
Conotoxia Ltd. operates its foreign exchange operations with two domains Cinkciarz.pl, which is its Polish website, and Conotoxia.com. Its base in Poland is getting stronger with a massive rise in its revenue last year.
“Plans are rolling out big,” Conotoxia noted in Friday’s announcement. “What becomes an opportunity and at the same time a challenge for the company is the fact that the British broker LMAX Global has offered all its existing Polish clients to transfer their trading accounts to Conotoxia Ltd.”
Additionally, it detailed that the migrated clients will benefit from the execution of LMAX orders and will receive pricing conditions of Conotoxia.
A Strategic Decision after Brexit ?
LMAX is regulated under the UK’s Financial Conduct Authority (FCA) but runs its European operations with its license obtained from the Cyprus Securities and Exchange Commission (CySEC ).
The migration of the Polish clients to a locally-regulated platform has benefits, both for the broker and the traders. Despite the European Securities and Markets Authority’s restrictions on the leverages offered to the retail traders, the Polish regulator has allowed the local brokers to offer 100:1 leverage. However, Conotoxia is only offering the higher leverage to its professional and experienced clients.
The decision of LMAX Polish client migration came, only a day after Conotoxia published its brief financials for 2020. The broker is now considering going public or bringing in new investors.
Furthermore, LMAX witnessed a massive surge in its revenue and profits in previous years. Though the brokerage is yet to reveal its 2020 numbers, the industry trend clearly shows the anticipation of another record year.
