Forex

Brokers News

FxPro will remain in private hands, abandons plans to list on LSE

Major forex broker FxPro said on Wednesday that it had cancelled its plans to list on the London Stock Exchange, as the UK financial watchdog threatened to apply stricter rules for retail forex and CFD trading, sources close to the matter told online media Sky News.

 

According to the sources, Credit Suisse and Morgan Stanley had been lined up to monitor the initial public offering (IPO) of the company. FxPro, however, has informed several prospective non-executive directors that their appointments will no longer take place, as the broker abandons planned listing on the LSE and will for now remain in private hands.

 

Richard Kilsby, a former director of the LSE, became a chairman of FxPro last year, and will continue in the role "for the foreseeable future", the source added.

 

As FxPro is one of the largest brokerages in UK, it is not surprising that it intended to follow the example of CMC Markets (LON:CMCX), which floated on 5 February 2016 for nearly $1 billion.  CMC Markets, however, saw its stock price drop by more than 50% after the Financial Conduct Authority (FCA) announced its decision to cap leverage to 1:50 and ban any form of trading bonuses on December the 6th. Its shares traded for GBX 184.40 apiece on December 5, and after the announcement the prices hit a 52-week low to GBX 90.95. As a result, it became clear that CMC considers moving its headquarters as well as their London-based operations out of the UK.

 

In fact, after the FCA’s decision was announced, more than £1bn was wiped off the value of the London stock market's main players – CMC Markets, IG Group (LON:IGG) and Plus500 (LON:PLUS). The stock prices of these companies have not recovered ever since.

 

FxPro is a leading online brokerage, regulated jointly by Cyprus’ Securities and Exchange Commission (CySEC) and UK’s FCA. The broker operates as a Hybrid Agency Model broker, offering Negative Balance Protection and enabling clients to access top-tier liquidity. It offers complete services for all retail forex market segments, as well as trading in futures, indices, metals, shares, and CFDs on a selection of trading platforms.

TAGS: FxPro  UK  forex brokers  LSE  FCA  leverage cap  IPO 

More news about FxPro

Broker Country Regulation Platform Min Deposit Review
Cyprus CySec MT4, MT5, Web $5 Review Website
UK, Australia FCA, ASIC MT4, Web,
Mirror Trader,
Trading
Station,
NinjaTrader
$50 Review Website
UK, Cyprus, Hong Kong FCA, CySEC, SFC MT4, Web,
PrimeTrader
$100 Review Website
Cyprus, Australia CySec, ASIC MT4, Web $100 Review Website
UK, Australia, Singapore FCA, ASIC, MAS, BaFin MT4, Web,
ProRealTime,
2Dealer
$0 Review Website
UK, Cyprus FCA, CySec MT4, MT5 $5 Review Website
UK, Cyprus FCA, CySEC MT4, MT5,
cTrader,
SuperTrader,
FxPro Markets
$100 Review Website
Cyprus CySEC MT4, MT5 $300 Review Website
Belize IFSC MT4, MT5 $100 Review Website
UK, Cyprus, Bulgaria FCA, CySec, FSC Web $150 Review Website
Seychelles FinaCom MT4 $10 Review Website
Belize IFSC MT4, Web $500 Review Website
Cyprus CySEC MT4, Web $25 Review Website
Belize IFSC MT4, MT5, Web $1 Review Website
Cyprus CySec MT4, Web, Gwasy $100 Review Website

More Forex Brokers News

FXChoice comes up with a new loyalty programme, Pips+

May 25 2017 07:13:15

As a part of its continuous effort to update its services and offer better trading conditions, forex broker FXChoice launches of Pips+, its new loyalty programme. Pips+ is designed to reward the most active traders by reducing their trading costs up to $1.5 per standard lot on EUR/USD. Read more

ThinkMarkets buys mobile app Trade Interceptor

May 23 2017 11:21:40

Leading global brokerage ThinkMarkets announced on Tuesday it has acquired Trade Interceptor, which currently is one the world’s fastest growing mobile trading apps. Read more

Spain’s CNMV warns against non-regulated TradeV, among other brokerages

May 22 2017 14:30:34

Spain’s financial watchdog, the Comision Nacional del Mercado de Valores (CNMV), has issued warnings against TradeV (tradev.com), and several other unregulated forex and binary options brokers. Namely, these are TorOption (toroption.com), OptionCM (option-cm.com), 53Option (53option. Read more

Forex

Forex.com to launch affiliate program

May 17 2017 07:51:31

Gain Capital, the largest forex broker on the US market, announced the launch of new affiliate program, called GAIN Affiliates. This is a performance based program offered to affiliate partners of multiple retail trading brands of Gain Capital - CityIndex & Finspreads first, and Forex. Read more

Global Brokerage announces poor financial metrics for Q1, will probably delist from the Nasdaq

May 16 2017 08:01:39

Global Brokerage, Inc. (formerly FXCM Inc.) released on Tuesday poor financial metrics for Q1 of 2017, which are hardly surprising after the company’s dramatic exit from the US market. Read more

Windsor Brokers adds CFDs on currencies and metals to product portfolio

May 15 2017 11:53:07

Windsor Brokers, a Cyprus-regulated forex and CFD broker, announced previous week that it launches CFDs on currency futures and metals to its MetaTrader 4 account. Read more

IG starts offering retail IPOs on investment platform

May 04 2017 13:40:53

IG, one of the largest forex, CFD and spread betting (UK only) brokers said it starts offering retail IPOs on its Investment Platform. Read more

IG changes margin requirements, tiering structure

May 03 2017 08:37:26

IG, one of the largest forex, CFD and spread betting (UK only) brokers, informed its clients that it is lowering the margin requirements on some of the tradable instruments in its portfolio – the Japan 225 index, spot gold and some forex pairs. Read more

easyMarkets’ proprietary platform now available as mobile app

Apr 26 2017 13:57:53

As trading on the go becomes increasingly popular among traders, easyMarkets, a global forex broker regulated in Cyprus and Australia, announced the launch of its new mobile app on Wednesday. Read more

Plus500 announces strong quarterly performance, its stock price up by more than 4%

Apr 26 2017 09:22:30

Major forex and CFD broker Plus500 (LON:PLUS) announced “significant improvement in profitability and quality of earnings” for the quarter that ended on March 31, 2017. Read more

Forex