The U.K. Financial Conduct Authority (FCA) has just issued a new license for a foreign exchange and CFDs trading brokerage. The U.K. subsidiary of LandFX has become the latest firm to obtain a matched principal license from the London based watchdog which will allow it to provide straight through processing (STP) services to its clients.
The brokerage has previously been operating primarily in Asia via a license in New Zealand. Over the past three years the company has been growing organically mainly in the Far East. The firm has over 10 offices worldwide with locations in China, Malaysia, the Philippines and Russia.
LandFX UK Limited is the company that has received the licence. According to the company’s senior management the procedure from the application to authorization lasted about 11 months. The company is aiming to use its authorization to onboard clients mainly from the European Union and the United Kingdom.
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The New Zealand subsidiary of LandFX will remain the main hub of operations for the broker’s Asian operations.
Commenting on the announcement, the Director of Business Development of LandFX UK, Lucian Mihalachi, said: “We are proud to be able to scale our operations globally without compromising the best service we provide to our growing client base. Now is the time to expand our team to accommodate the new European markets we enter.”
A number of industry insiders have outlined in recent quarters that the FCA authorization process has become more rigorous with some companies withdrawing their applications. The UK regulator is looking to apply stricter guidelines as to capital requirements, technology systems, and the management of the companies.