As we reported several weeks ago, FxPro recently upgraded its UK FSA license from acting as an introducing broker to its parent company (based in Cyprus) to an extended license which allows FxPro UK to hold client money. Today comes word from FxPro that they have acted on this license, and are now open for business in the UK.
Interestingly, FxPro UK will be operating on a complete “agency” no-dealing-desk model, using the Spotware cTrader ECN platform which FxPro recently added to its market-making operation in Cyprus. It looks as if FxPro’s experiment with the cTrader platform has going well, and that the company will be going the agency route, and will be soon ending all market making activities.
FxPro also recently expanded in the Far East, opening an office late last year in Australia and receiving ASIC licensing.
For more on the global FX market see the LeapRate-Dow Jones Forex Industry Report.