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FIBO Group Sets Foot in Australia, Gets AFS License

FIBO Group, the Cyprus-based Forex broker, has just announced the obtaining of an Australian financial services (AFS) license and that it is now legislated to provide its services in Australia. In a press release, issued on October 1, FIBO Group said Fibo Australia Pty Ltd had gained a license (number 439907) from the Australian Securities and Investments Commission (ASIC). 

 

The AFS license gives the company the right to:

- offer advice about financial products to its clients;

- deal in financial products;

- make a market for financial products;

- run a registered scheme;

- extend a custodial or depository service;

- offer traditional trustee company services.

 

Now that  Fibo Australia Pty Ltd has the necessary regulatory permissions, it joins a raft of FX brokers in Australia, which obey certain strict requirements, including one for net capitalization which should be at least AUD 1 million. However, in many respects the Australian Forex market remains one of the freest Forex destinations in the world – it allows any leverage and is open to strategies like hedging and scalping. 

 

FIBO's expansion in Australia comes amid what can be seen as a push of Cypriot Forex brokers to grow internationally: XM, for example, recently secured regulatory permission to operate in New Zealand. This may be partially attributed to the temporary chaos, created amid statements by the Cyprus Securities and Exchange Commission over the right of Cypriot Forex brokers to provide their services in countries outside of the European Union.

 

Regardless of the motives behind its decision to expand, FIBO is now set to be an Australian broker too. The company promises to launch a dedicated website for Fibo Australia Pty Ltd soon and to inform future clients of the business about the opportunity to open accounts in due course.

 

About FIBO Group

 

The International Financial Holding FIBO Group comprises a group of companies whose main business area is margin trading in financial instruments. Clients can benefit from a number of investment products, including Spot Forex, Futures/Options, CFDs and Spot Gold. The brokerage is headquartered in Limassol, Cyprus, and is therefore regulated by CySec – the Cyprus Securities and Exchange Commission. As of May 2006, FIBO also has a functioning office in Shanghai.

 

TAGS: fibo group  fibo group forex  australian forex  australia forex broker  australia forex market  australia forex regulation  asic  afs licence  australia forex license 

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