Brokers News

XM Expands Further: Gets Registration from New Zealand's FSP

Aug 02 2013 14:57:11 GMT
By
Maria Nikolova , Forexbrokerz.com Find me on Google+

XM, the leading Forex broker, has just announced its registration with New Zealand's Financial Service Providers (FSPs) – the local watchdog, as the company seeks to enlarge and strengthen further its service offering worldwide. 

 
XEMarkets is based on the island of Cyprus and its core regulation comes from the Cyprus Securities and Exchange Commission (CySec), but the broker is responsible enough to provide extra protection to its clients and has obtained registrations in many other countries: it has registrations with the Financial Conduct Authority (FCA) in the UK and Bafin in Germany, among others. But the broker has now opted for a more radical move and has gained registration with the FSP. And now – the big question: Why?
 
To some extent, the choice is not very rational – FSP is a rather tough nut to crack, with all of its requirements towards financial service providers registered in New Zealand. Some of these requirements are beyond what can be called “strict” - remember, for example, the latest change in its rules that became effective early this year – all financial companies (including FX brokers) are obliged to maintain physical premises. And then there is the requirement for FX brokers to be members of dispute resolution schemes, which is also a rigid demand, adding red-tape the least to say. 
 
But opening a brick-and-mortar office and participation in a dispute resolution scheme could hardly be problems for a prominent and well-established broker like XM. Hence, we should trust the company that the main motif behind its decision is the desire to expand further globally and to offer extra protection to its customers. 
 
But could there be some extra rationale for the move? I dare to suppose that there is one, especially if we consider the latest announcement by MAYZUS, another Cyprus-based broker, regarding the latest CySEC rules. A new rule mandates that FX brokers registered with the CySEC should obtain licences from authorities in all third countries where they provide their services – otherwise they face sanctions. In order to continue its servicing of non-EU clients, the broker is setting up a new company.  It might be that XM's rush to set foot outside of the EU is also provoked by the new CySEC rules – but may be this broker will actually try to obtain all necessary regulatory approvals in third countries instead of opening a new entity.
 
And, as we speak of global growth, it's worth noting that XM is continuing with its drive for providing FX education for all those who want to get a glimpse into this exciting field. The Global Forex Educational Grand Tour, organized by the broker, continues in September, with the stops being Budapest (Hungary),  Reggio Emilia (Italy), and Dubai (the United Arab Emirates). 
My personal favourite on the list of speakers is the company's chief technical strategist Avramis Despotis, whom you perhaps know as the person responsible for XM's trading signals on instruments like the EUR/USD pair. He will be holding a seminar in Dubai on September 28, 2013. See you there!
 
 

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  xemarkets  xm forex broker  new zealand  cyprus  cysec  fsp  forex regulation  forex license  global expansion  forex education 

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