MyFlashFunding, a United States-based prop trading firm, announced its partnership today (Monday) with an "ASIC-regulated broker" to continue offering services to its non-US clients. The Australian Securities and Exchange Commission (ASIC) is one of the top financial services regulators.
An Unnamed Broker
However, the prop trading firm did not reveal the name of its brokerage partner. It is also unclear if the broker will offer the services under the ASIC license or any other regulatory license.
"MyFlashFunding has secured an ASIC regulated broker exclusively for MyFlashFunding and associated parties," the prop firm noted on its notice today across its social channels. "This sets us apart by offering a unique advantage—shielding us from the risks that other brokers in the proprietary trading space may face."
The company further detailed it is "swiftly transitioning all operations to our new broker by Wednesday. This move not only ensures the security of our operations but also promises significantly enhanced trading conditions for all our clients."
Finance Magnates approached the prop trading firm to know the partnership details but did not receive any reply as of press time.
Struggled to Offer Services in the US
The partnership came when the prop trading industry faced an alleged crackdown by MetaQuotes, the developer of the two MetaTrader trading platforms. Several brokers have terminated offering services to prop trading platforms, primarily the ones grey labeling their MetaTrader license to prop firms providing services to clients in the US.
Amid the alleged crackdown, several prop firms, including MyFlashFunding, have terminated their offerings to the US. Now, MyFlashFunding has revealed that it is in the process of integrating Match-Trade, a rival platform of MetaTrader, to resume offerings to US customers.
"To our MyFlashFunding clients in the US, rest assured, we have plans tailored just for you. We're in the final stages of integrating Match-Trade!" the prop trading platform added.
