The shareholders of ACM (www.ac-markets.com), endorsed an additional capital raise of 10 million CHF during their latest general assembly.
This move comes amid an unexplained delay in the Swiss regulator’s approval process for local Forex brokerages. FINMA, Switzerland’s version of NFA and FSA for Forex, was formed at the beginning of 2009 and announced plans to overhaul the local thriving Forex industry. However with the exception of the liquidation of Crown Forex we haven’t heard much from them since. I’m not aware of any broker that was approved or denied by FINMA and we are already in Q4 near the years end.
This inactivity does not contribute a single thing to the Forex traders using the services of Swiss Forex firms as these firms themselves are in the blur regarding FINMA’s next steps or even timing. Without any doubt this led several firms to either abandon plans to open offices in Switzerland or completely move out of the country just like Tadawul FX recently announced (citing other reasons).
Continuing ACM’s Press Release:
How the OKEx Saga Reveals the Need for Decentralized ExchangesGo to article >>
The capital increase raises ACM’s overall share capital to 30 million CHF; a move financed solely by existing shareholders. The step solidifies ACM’s place as the most capitalized Forex broker in Switzerland.
Reinforcing the framework surrounding the firm’s banking licence, the enlargement demonstrates ACM’s commitment to autonomy, strength and durability.
“The increase guarantees our independence while freeing ACM to dedicate further resources to both enlarging our investment offering and tackling new markets” said Lloyd La Marca, CEO and co-founder of ACM.
From its inception, ACM (www.ac-markets.com) has grown to meet the needs of its expanding client base – founded in Geneva, the company now maintains offices in Zürich, New York, Dubai and Montevideo. The Swiss firm offers efficient and affordable FX trading with no dealing-desk intervention to private individuals as well as institutional clients.