Fortress Prime, a division of Fortress Capital Investments headquartered in Dubai, UAE, has plans to achieve the UK Financial Regulation License from Financial Conduct Authority (FCA), one of the leading regulatory bodies in the world. The highly sought license is a goal of many in the FX business seeking an A+ stamp of approval from the public.
London’s firm global position at the top of importance as a financial hub makes the United Kingdom’s FCA a global leading agency which provides regulatory services and supervises the conduct of over 50,000 financially based firms in the UK.
Mitch Eaglstein, an FX industry veteran and now CEO at Fortress Prime, said: “This is a critical step in becoming a true global Forex provider as FCA regulations will allow us to provide prime brokerage services to institutional clients in Europe and other mature markets across the globe.”
“We have established a UK entity that will file for the authorization. A local team will be hired that will conduct our prime brokerage services,” Mr. Eaglstein added.
According to a company statement provided to TradeArabia News Service and other Gulf based media outlets, the company which launched its operations earlier this year in September, expects to enhance its profitability and strengthen its balance sheet during Q1 of 2015 due to continued growth in its Forex trading client base in combination with higher trading volume as a result of increases in Forex market volatility.
Mitch Eaglstein: CEO of Fortress Prime
Fortress Prime’s outlook on the Forex brokerage market is extremely positive, especially in the Middle East, North Africa (MENA), Asia and Latin America regions.
Eaglstein went on to say: “The Forex landscape is changing rapidly due recent increases in volatility and constant evolution in clients’ expectations. Fortress Prime is seeing substantial demand for gold and silver spot trading with continued interest in retail Forex trading.”
“Having Sharia account offerings is also essential for the Middle East market and having a physical presence in the region is crucial to conduct the business in accordance to local laws, customs and culture,” he further added noting the firm’s origins.
LeapRate has reached out to Fortress Prime to get more details on the potential London based office. We will bring more details regarding exact timeline and potential opportunities. We will follow up on this story at the appropriate time.