Market News

XM Receives Australian Forex License

Feb 19 2014 09:55:23 GMT
By
Maria Nikolova , Forexbrokerz.com Find me on Google+
XM, the Forex broker originally based in Cyprus, today made an exciting announcement – it has obtained an Australian license to provide investment services in the Land Down Under. The Australian operations of the broker will be conducted under the name Trading Point of Financial Instruments Pty Ltd, which now has a license (number 443670) from the Australian Securities and Investments Commission (ASIC). 
 
There are many reasons for such a move by the broker. For openers, the Australian regulations are tight but fair and while securing sufficient protection for Forex brokers' clients, they are way more loose than in the United States, for example. ASIC imposes no restrictions on maximum leverage, allows hedging and scalping. Moreover, the FIFO (first in, first out) rule is not valid in the country.
 
Let's discuss the other reasons for such a move by XM. Amid them is the overly rigid oversight and excessive measures imposed on the Forex sector by the Cyprus Securities and Exchange Commission (CySEC). A striking example is the latest decision by the watchdog to declare as unlawful the bonuses related to trading activity. 
 
A further point in favor of the decision by XM is that it is slowly but surely boosting its footprint in the region. Let's recall that the company obtained a license as a financial services provider from New Zealand's watchdog in the summer of 2013. 
 
Of course, a major argument is the extra safety guaranteed to XM's clients – something the broker has always paid great attention to. The list of regulators with which the Forex broker is registered includes the Financial Conduct Authority (FCA) from the UK, Germany's Bafin, as well as the financial regulators in Sweden, Spain, Finland and the Netherlands.
 
 

About XM.com

 
XM.COM is a registered brand name of Trading Point of Financial Instruments Ltd, a European regulated financial institution licensed by CySEC. Trading Point of Financial Instruments Ltd operates online services for trading on forex, precious metals, equity indices, and energies in compliance with the Markets in Financial Instruments Directive (MiFID). Trading Point is EEA authorized and registered with the FCA UK (previously FSA UK), BaFin (Germany), AFM (Netherlands), CNMV (Spain), FI (Sweden), and FIN (Finland).
TAGS: xm  xm forex broker  xm australia  forex license  asic  australia forex license  forex market  trading point of financial instruments  forex rules  forex regulation  licence 

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