Indonesian-based Monex Investindo Futures (MIF) is announcing today the launch of London-based Monex Capital Markets. Licensed by the FCA, Monex Capital becomes the Indonesian firm’s move into the EU and international markets, expanding MIF’s focus from just Southeast Asia. Not to be confused with Monex Group of Japan, MIF is a Jakarta-based and licensed forex, futures and CFD broker that was founded in 2000, and is part of Indonesian conglomerate Ravindo Group.
While the larger trend in the forex markets is UK and European brokers launching Asian-based subsidiaries and offices to target the fast growing region, the reverse is also taking place. For Asian firms, western expansion is being utilized by firms to increase their global brand awareness, as well as to target expatriates in foreign countries.
In terms of Monex Capital Markets, the broker will be headed by Patrick Latchford, a former CMC Markets executive. In addition, on its launch, the firm will be offering clients the tradable platform, marking a small but growing list of UK brokers to offer the platform. The broker also stated that it plans to offer binary options trading in the near future.
In regards to tradable, Jannick Malling, CEO of tradable, commented in Monex’s public statement that, “It’s exciting to see another broker setting up in London, and of course, we are very happy that they have chosen to showcase tradable to their clients.” Patrick Latchford, CEO of Monex Capital, added, “Our objective is to ensure clients have the trading tools and platform that meet their own needs. That’s why we’re launching with both tradable and MT4, and we believe that this will encourage the next generation of traders to look at Monex Capital.”
In addition to sourcing FCA regulation, earlier in the year, MIF also became licensed by CySec. However, as of now, MIF is yet to market brokerage activity using the CySec license. Being approved in April, it is possible that MIF had initially expected to launch Monex Capital Markets as a Cypriot broker, having later decided to seek FCA approval following financial instability in Cyprus.