Last week we wrote that Japanese DMM Securities, the world’s second largest retail broker by volume, was on its way to launching an Australian subsidiary, DMM FX. At the time we promised to provide more details about the new company and DMM’s expansion efforts as we received updates from the broker.
A representative from the broker explained that DMM FX received its ASIC license in June and expects to launch in the middle of August. Answering what the rationale was to expand to Australia, versus other countries; DMM cited both the country’s increasing population and being one of the world’s wealthiest nations in terms of GDP per capita. The representative added that DMM FX will be focusing its marketing on the Australian population, rather than seeking to launch a global campaign. In addition, DMM FX will be headed by Koji Miura.
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