Founded in 2003, Admiral Markets AS informed its Estonian and European customers today that they could upgrade their service to the British arm of the group, Admiral Markets UK.
Retail customers have been offered three months to close their positions and to transfer the assets to the British jurisdiction under the terms of FCA. Admiral Markets AS says it will continue to serve all of its customers under the former agreement, but focusing its efforts on the development of institutional services. The Russian office of Admiral Markets continues to operate normally, the company says.
“The transfer of clients to another licensed jurisdiction began in October 2014 and will continue until the end of 2015, after which the Estonian company Admiral Markets AS will focus exclusively on the institutional market, and remains the main provider of liquidity for the rest of the group companies, including companies in the UK, Cyprus, Australia, Russia and South America.”
The company has explained to its clients the benefit of the new offering as covered under the compensation program of financial services (FSCS) under the rules of Britain’s FCA.
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Just last month, Admiral Markets also disengaged from its Middle East business. In March, ThinkForex, another FCA regulated FX, metals and CFD provider, acquired Admiral Markets’ subsidiary in Dubai, as well as its regional license.
Dmitri Laush, CEO Admiral Markets Group, commented: “In the fall of 2014, the leadership of Admiral Markets Group made a strategic decision to move its retail service to Admiral Markets UK, authorized by the FCA.”
“The decision was motivated by the following considerations: First, the consolidation of retail services under a single European license for the purpose of infrastructure optimization, and secondly, the choice is dictated by the British jurisdiction highest respectability in the European market, thirdly, greater convenience for customers in terms of opening procedure accounts, as well as a higher degree of regulatory protection of the client.”
“In addition, we took into account the possible risks of the government introducing a tax on financial transactions in Estonia in the next few years,” he added.