LeapRate Exclusive… LeapRate has learned that Hong Kong based forex brokerage solutions provider Broctagon Solutions has established a subsidiary in Cyprus, ahead of the planned launch of a regulated Prime Brokerage and Liquidity Solutions business.
The company has established a sub called Broctagon Prime Ltd, and has already received its CySEC CIF license. The license became effective on April 20.
Kerry Gan, Broctagon
Broctagon is headed by CEO Kerry Gan, who joined the company in January ahead of the planned Cyprus launch. Mr. Gan was most recently head of binary options platform provider SpotOption’s Hong Kong office. Mr. Gan has also acted as Managing Director – Asia Pacific for IBFX, APAC institutional sales director for Abu Dhabi based ADS Securities, and APAC institutional sales manager for FXCM.
Broctagon currently offers clients both modular FX technology solutions, mainly for MT4 brokerages, as well as a full turnkey start-a-brokerage system called Complete360, which includes company setup and licensing, website creation and CMS, custom MT4 platform, liquidity bridge and live data feed hookups, CRM, risk management, reporting tools and payment processing. The company also has a proprietary solution for MT4 brokers wishing to offer trading in FX derivatives.
The new CySEC-regulated subsidiary will enable Broctagon to allow startup brokerages to piggyback off its licensed status by effectively acting as introducing brokers, while accessing liquidity from Broctagon. A number of other third party platform providers, such as Mr. Gan’s former employer SpotOption and Leverate, operate in a similar manner with CySEC licensed subsidiaries.