The CySEC license enables the award-winning broker to continue delivering its popular services to its European clientele with the unique, personalized style that has earned it critical acclaim.
While brokers worldwide fret over Brexit's impact on their European activities, leading brokerage firm FXCM will continue its operations seamlessly in both the UK and Europe after recently securing its licensure from CySEC, the regulatory body in Cyprus.
Until now, firms regulated by Britain's Financial Conduct Authority (FCA) have also been able to operate in Europe through a process called “passporting”. However, the FCA has announced that due to Brexit, passporting will no longer be an option as of January 2021, and firms will need to establish at least one subsidiary in an EU member state and secure separate licensure with a European regulator.
The application and approval processes for such licensure are arduous and lengthy, which is why FXCM prudently spent the better part of 2020 navigating the procedures required, receiving approval by the Cyprus Securities and Exchange Commission (CySEC) just prior to the Brexit deadline. Some of FXCM's well-established competitors are still struggling to obtain a license in Cyprus, and may need to cease operations in Europe for a time if they do not succeed by January.
The CySEC license enables the award-winning broker to continue delivering its popular services to its European clientele with the unique, personalized style that has earned it critical acclaim. Traders throughout the EU will now be able to carry on trading unabated and choose from FXCM's wide asset selection, which includes 39 currency pairs, 13 index CFDs, nine commodity CFDs and a bond CFD.
FXCM's operation in Cyprus, which is becoming a flourishing hub for Forex brokers, is currently headed by UK COO Juan Miguel Cafe. As the second-largest retail brokerage outside of Japan, FXCM is also regulated in Australia, South Africa and France, where it maintains established subsidiaries.