Dukascopy Group, the globally regulated and Swiss headquartered forex broker and bank has confirmed today the closing of its takeover of the Japanese Type-1 licensed broker Alpari Japan K.K.
Back in January, LeapRate was first to report Dukascopy’s intention look seriously at acquiring Alpari Japan.
Alpari Japan was forced into administration – also first reported by LeapRate – following the bankruptcy of parent company Alpari UK in the aftermath of the January 15 Swiss Franc spike. The move was made by Japanese regulators to protect Alpari Japan creditors and customers, so that their interests would not be hurt by the potential outflow of Alpari Japan’s assets triggered by the insolvency announcement of Alpari UK.
Alpari Japan K.K. will be renamed Dukascopy Japan K.K. shortly and will offer forex trading through SWFX Swiss FX Marketplace, Dukascopy’s proprietary trading technology. Japanese clients will have direct access through the JForex platform to the same price feed and liquidity as all other clients of Dukascopy Group. The restart of operations is expected by October 2015.
Dukascopy Japan expects to maintain the current team and management structure of Alpari Japan. Vagrams Sayadovs, Vice-President and Chief of Institutional Services of Dukascopy Bank will seat at the board of Directors in replacement of Alpari (UK)’s representative.
By acquiring Alpari Japan K.K., Dukascopy Group plans to double its trading volume in the course of the next five years. For the last 3 years, average yearly volume growth was 14.3%, and in June 2015 monthly trading volume reached USD 65.2 billion.
“For a long time we have been expecting such opportunity to step in the Japanese forex market, the largest in the world. We are impressed by the commitment and professionalism of Alpari Japan’s team who knows the business and the Japanese market very well. This team is clearly the main asset of the deal and allows us to see bright prospects to our operations in Japan.” – Andrey Duka, co-CEO and CTO of Dukascopy Bank
“For a long time we have been expecting such opportunity to step in the Japanese forex market, the largest in the world. We are impressed by the commitment and professionalism of Alpari Japan’s team who knows the business and the Japanese market very well. This team is clearly the main asset of the deal and allows us to see bright prospects to our operations in Japan.” – Andrey Duka, co-CEO and CTO of Dukascopy BankFrom now on, Dukascopy Group consists of three institutions in high standard regulated jurisdictions – Switzerland, European Union, Japan plus Dukascopy Payments – EU licensed payment/e-money institution.
The Group supports its offices in Geneva, Zurich, Riga, Kiev, Moscow, Shanghai, Hong Kong, Kuala Lumpur and now in Tokyo with a total number of 350 employees (including IT). Dukascopy Group continues its expansion and in the near future will announce new subsidiaries of the bank.
To view the official announcement from Dukascopy, click here (PDF).