Estonia-based broker Armada Markets has apparently decided to offload its retail side of the business and position itself as an institutional player only. The firm’s website now states that, as of this year, Armada Markets’ focus is to be mainly on providing liquidity and services to banks, brokers and hedge funds.
The company’s book has been moved to a new entity, a Seychelles Financial Services Authority (FSA) regulated brand named Tickmill Ltd.
The website domain of Tickmill was only registered on July 2014, so it is likely just a new legal entity that was created for the purpose of handling Armada Markets’ former retail forex and CFD business. Despite its recent founding, Tickmill won’t need to go far to find liquidity providers as Armada Markets is now focused on this area and will probably be able to offer it a very good deal.
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In September 2014, the broker left the retail FX market in Poland after the Polish Financial Supervision Authority (KNF) announced that “Armada Markets AS” had been added to their list of unauthorized firms, effectively banning the broker from offering financial services to Polish residents.
The Polish statement echoed the Estonian Financial Supervisory Authority’s (Finantsinspektsioon) public warning regarding Armada Markets published two years earlier, stating that the firm was not regulated in Estonia.
Today Armada Markets declined to comment, but they are reassuring clients that everything will stay the same as “Tickmill’s team will work hard to improve services even further.” After saying recently that they expect to reach a monthly trading volume of $25-$35 billion within the next six months, it seems Armada Markets will have to work pretty hard as well.