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XM applies for a forex dealer license in the US

Jan 11 2019
By
Jonathan Smith ,

 

The US subsidiary of major forex brokerage XM has applied for a membership with the National Futures Association (NFA). This became clear from a filing by the broker’s US entity Trading.com Markets Inc. (previously Trading Point US Inc.) with the NFA dated January 3, 2019.

 

More specifically, the application is for Forex Dealer Member (FDM), NFA membership and Retail Foreign Exchange Dealer (RFED) status, which is quite an event for the US forex market. Only a few forex brokers have left legally operating there due to the heavily regulated environment and high operating costs - OANDA Corporation, IG and Forex.com parent GAIN Capital.

 

From XM’s filing with the NFA it also becomes clear that former XM UK director Charalambos Panayiotou is appointed as CEO and Director of the new US-based company. However, there is no indication as to when or if the broker will get a green light from the NFA to operate on the US retail forex market. If it does, this will of course mean a strategic expansion for the XM group and a significant commercial step.

 

Launched back in 2009, XM (Formerly XEMarkets) is an award winning broker that offers trading in wide range of financial instruments on both MetaTrader4 and MetaTrader5. XM is a brand of Trading Point Holdings Ltd., a company regulated by the Cyprus Securities and Exchange Commission (CySEC). Apart from its units in Cyprus, it also has a UK and Australian subsidiaries, duly licensed by the Financial Conduct Authority (FCA) and the Australian Securities and Investments Commission (ASIC), respectively. 

 

TAGS: XM  NFA  US  forex license  regulation  Trading Point 

More news about XM

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Cyprus, UK, Mauritius CySec, FCA, FSC MT4, MT5, Web $10 Review Website
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Cyprus, UK, South Africa, UAE CySec, FCA, FSCA, DFSA MT4, MT5, Web $5 Review Website
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Australia, UK ASIC, FCA MT4, MT5,
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