Cyprus based broker FxPro has received an approval to offer more financial products by the British Financial Services Authority (FSA) and now offers a third regulatory option for its customers in addition to to its Cypriot and Australian subsidiaries.
FxPro received the initial authorization to operate in the UK back in October 2010. This is another expansion of its operations.
FxPro saw trading volumes rise by 11% in 2011. An additional regulatory stamp will probably enable acquiring more clients and raising trading volumes.
For more details about this move, here is the official press release:
FxPro Announces Expansion of its Operations
London, 31 May 2012: FxPro Financial Services Ltd (FxPro), a leading global forex broker announced today a major expansion of its UK operations, through its subsidiary FxPro UK Ltd.
Following a recent approval by the Financial Services Authority (FSA), FxPro UK Ltd can now offer an extensive range of investment products and the company has made the strategic decision to increase the capabilities of its UK operations accordingly.
Under the umbrella of services offered by FxPro, clients now have the option of opening an account directly with one of three separately regulated companies – in Cyprus, Australia or the UK.
In Cyprus, FxPro is authorised and regulated by the Cyprus Securities and Exchange Commission (CySEC) (license number 078/07) and operates under the EU Markets in Financial Instruments Directive (MiFID).
FxPro UK Limited is authorised and regulated in the United Kingdom by the Financial Services Authority (FSA), (registration number 509956).
In Australia, FxPro Australia Pty Ltd (ABN 68 740 603) is authorised and regulated by the Australian Securities and Investment Commission (license number 405750).
London’s reputation as the undisputed forex capital of the world and as a well regulated and thriving financial centre make it an ideal location for an established global broker to have a presence at. Home to a diverse, highly-educated, and multicultural workforce London also provides a ready pool of world-class employees as the business looks to grows further.
FxPro UK Ltd occupies all four floors of the iconic Library Chambers, at 13/14 Basinghall St in the heart of the City of London’s financial district. From this location, FxPro UK Ltd can provide all of its clients worldwide with a full trade execution service. This supplements the full range of services already provided by the regulated companies in Cyprus and Australia, including client support, sales service and trade execution.
Following closely on the heels of the opening of FxPro’s Australian office last year, the expansion and imminent offering of services by the London office is another successful milestone on FxPro’s progress to being the world’s preferred forex broker.
Denis Sukhotin, Founder of FxPro commented: “FxPro is delighted to now be able to offer all of our clients with the choice of three separately regulated companies with which to register. The choice is entirely up to them. Regardless of where they are based they can choose from CySEC, ASIC and now fully FSA authorised companies to maintain their account. The expansion of FxPro UK Ltd’s operations is a natural progression of our approach to focusing on what is best for our clients and ensure FxPro always offers continuous 24 hour support across the globe.”