Retail FX and CFD broker, FXCM Group, has obtained a regulatory license from the Cyprus Securities and Exchange Commission (CySEC) just ahead of the Brexit transition period expiry.
The locally formed FXCM EU Ltd. Received the Cyprus Investment Firm (CIF) licence on November 23, 2020.
The new licence will cover five domains: http://fxcm.com/eu; http://fxcm.com/fr; http://fxcm.com/it; http://fxcm.com/gr; and http://fxcm.com/es. Although the domain name is the same, FXCM is operating in different European countries with locally translated platforms.
A subsidiary of Jefferies Financial Group, the FXCM group has a pan-European operation. Currently, the brokerage conducts its services in the European Union with its FCA licence. However, the validity of that licence inside Europe may be questionable in case of a no-deal Brexit.
FXCM is still operating im Europe under its UK licence but it’s likely to transfer its ownership under the newly obtained CySEC license.
Apart from the FCA and CySEC licenses, FXCM holds licences issued by the financial regulators of Australia and South Africa.
Similarly, other brokerages with FCA licences are securing their place in Europe amid the Brexit uncertainty by obtaining European ones. Recently acquired by StoneX, Gain Capital, which operates two UK-based trading platforms, Forex.com and City Index, has also applied for a CySEC licence.
