The bankruptcy of Alpari UK, due to the unforeseen events unfolding after the Swiss franc 1.20 floor removal of January 15th, has left the brand without authorization to provide its services in the European Union (E.U.). Therefore, Alpari has started actively exploring its options to obtain licensing within the E.U. to passport its license across the continent.
According to the company’s Director of International Development, Sergey Vyazmin, Alpari is currently in the process of establishing a subsidiary in one of the European Union’s popular jurisdictions.
Trading Places: Finding The Best Jurisdiction for Your BrokerageGo to article >>
The group’s major shareholder, Andrey Dashin, has secured the brand’s intellectual property and the trademark, purchasing it from the special administration last month. Now, Alpari has made it clear that it is committed to do business in regulated regions, and will apply for a Straight Through Processing (STP) license allowing it to accept customers from within the European Union. “We have many of our clients, especially in Eastern Europe willing to remain loyal to the brand,” Mr. Vyazmin explained to Forex Magnates.
The company is already looking to hire and appoint a managing director for its future subsidiary in the European Union with sufficient credibility to obtain a regulatory license and run and develop Alpari’s business in the region.
The group has seen a shake up in its structure in the aftermath of the Black Swan event. As Alpari UK clients are gradually receiving their funds, the global group of the forex trading giant has reported to be negotiating the sale of its Middle East branch.