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FXCM signs white label agreement with New Zealand forex broker Halifax

Leading US forex broker FXCM announced that it has signed a white label agreement with stock and derivatives broker Halifax New Zealand to offer retail FX and CFD trading to NZ customers. 

 

FXCM will be transferring its existing clients in New Zealand to Halifax in the upcoming months, and they will be informed of this transition in advance. Halifax New Zealand, on the other hand, will enable its customers to access the FXCM’s trading platforms and services, while trading with a locally regulated broker, as Halifax New Zealand Limited is registered as a Financial Service Provider (FSP) and regulated by the Financial Markets Authority (FMA) of New Zealand.

 

Presently the NZ company is also a white label partner of Interactive Brokers and provides its clients with access to over 36 exchanges worldwide through Trader Workstation platform.  

 

This white label agreement is another cost optimization move by FXCM, as the company emphasizes on paying out its high-interest loan to Leucadia National Corp (NYSE:LUK). The loan was necessitated after the heavy losses incurred by the broker due to the Swiss franc spike last year. 

 

In line with its current policy to sell assets and free up capital, the agreement with Halifax New Zealand will enable FXCM to retain, or maybe even increase, its NZ trading volume, while not holding as much capital, since client funds will be officially kept with the white label partner.

 

FXCM is one of world’s largest forex brokers in terms of trading volume. It is a registered futures commission merchant (FCM) and a retail forex dealer (RFED) with the US Commodity Futures Trading Commission (CFTC). The broker is also registered with the relevant regulatory bodies in the UK, Germany, Italy and Australia. It provides forex and contracts for difference (CFDs) trading, spread betting and related services to both retail and institutional customers. Through its offices in the US, the UK, Germany, Australia, France, Italy, and Greece, and affiliate offices in Canada, Israel, Chile, Japan, and China, the broker offers 40 currency pairs on the Trading Station and MetaTrader 4 trading platforms.

 

TAGS: FXCM  Halifax  white label  New Zealand 

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