MahiFX has made a big announcement today – it is planning to sell its business-to-client retail foreign exchange (forex) operations in the United Kingdom, Australia, and New Zealand.
MahiFX Group, which is a New Zealand based foreign exchange (forex) and technology group, is refocusing its attention on its core competency, a business-to-business technology provider for banks, brokers and financial institutions.
As a result, the retail FX operations attached to the company’s Financial Conduct Authority (FCA), Australian Securities and Investment Commission (ASIC) and New Zealand Financial Markets Authority (FMA) licenses are now on the market, according to the statement.
Currently, MahiFX has two sales pending for its ASIC and FCA-licensed operations, which are expected to be completed in the upcoming weeks, a spokesperson for the company revealed to Finance Magnates.
MahiFX to Cater to Growing Tech Demand Amid Tightening Regulations
This latest move comes as the retail trading industry is becoming more sophisticated and more strictly regulated, therefore, demand for high-performing analytics, greater control and differentiation of pricing is growing.
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It is here that MahiFX will be focusing its attention on, which it will achieve by continuing to create and provide institutional-level products that offer advanced solutions to all e-FX businesses.
Commenting on the announcement, David Cooney, Co-founder and CEO of MahiFX, said: “It is our intention to focus on assisting our clients to enhance yield, decrease risk and ensure liquidity providers also benefit from cleaner flow.”
“The operation of our retail FX business potentially conflicts with this strategy and diverts our attention from this core expertise. We are firmly committed to ensuring our retail FX customers enjoy a smooth transition to the new owner and MahiFX staff will be providing transitional support.”
Current products offered by MahiFX include its pricing and risk management engine MFX Compass, algorithmic execution command center MFX Vector, and MFX Echo, a trade analysis, liquidity visualization, and price-explain tool.
MahiFX Back-Tracks on Previous Strategic Decision
MahiFX’s announcement today is at odds with the strategic decision it made back in September of 2017, where the company stated that it intended to recommit to the retail FX trading sector when it applied for its FCA license.
Finance Magnates reached out for further details on today’s announcement, but as of the time of publishing, we have not yet received a response.