FXOpen UK, a foreign exchange (forex) broker regulated in the United Kingdom, has revealed exclusively to Finance Magnates that it has acquired AMB Prime Ltd, a Cyprus based broker.
Following the acquisition, AMB Prime Ltd will operate under the name FXOpen EU and will start offering its services under this name on the 17th of August 2020.
Maria Markidou to lead FXOpen EU
AMB Prime Ltd is a full-scope broker that is authorised and regulated by the Cyprus Securities and Exchange Commission (CySEC). Maria Markidou, the Director of AMB Prime Ltd, will continue to lead the new office in Cyprus under FXOpen EU.
According to the statement seen by Finance Magnates, FXOpen UK, which is regulated by the Financial Conduct Authority (FCA), has acquired the broker as part of its expansion in Europe, allowing the company to strengthen its brand presence within the region.
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Commenting on the acquisition, Gary Thomson, Chief Operating Officer of FXOpen UK said in the statement: “It’s an exciting time for FXOpen UK. We are delighted to expand our presence in Europe, which alongside the UK, is our key target market.
“An injection of capital into the business has enabled us to continue our expansion plans, which means regardless of any potential regulatory changes, we can ensure a seamless continuity of service to our current European clients, whilst continuing to expand our offering and grow our client base, both retail and institutional.”
Continued service developments
In addition to the acquisition announced this Wednesday, FXOpen UK is also investing in its trading platforms and core product suite. Namely, the broker has recently added further liquidity providers into its ECN. This follows on from the capital injection of £2.2 million in August of last year, which has allowed the firm to roll out several new developments.
“I am delighted and honoured by the opportunity to be a part of the FXOpen team and head the European division,” added Maria Markidou. “I look forward to working for a global forex broker that is focused on its clients, services and technology solutions. I am confident that we can build on these grounds and through investment enhance the brand in Europe and our clients’ experience.”