GO Markets, an Australian foreign exchange (forex) broker, is continuing its global expansion by heading to Europe with the acquisition of Cyprus-based financial services provider, Galactus Ltd, the company revealed to Finance Magnates exclusively.
Galactus Ltd is an investment firm authorized by the Cyprus Securities and Exchange Commission (CySEC) and holds license number 322/17. The company was founded in 2016.
Commenting on the acquisition, Christopher Gore, the Chief Executive Officer (CEO) of GO Markets, said: “It’s a strategic acquisition that I think puts us in good stead for our broader plans in the European region.”
“For us it’s about building solid foundations in well-regulated jurisdictions. With Europe and MENA region offices coming online, it’s an exciting time for us and you can expect more good news in the first half of 2020. The landscape is changing, and we’re well placed for the challenges”.
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GO Markets continues global expansion
As Finance Magnates previously reported, Australia is about to get a European makeover. That is, the local regulator, the Australian Securities and Investments Commission (ASIC), is expected to implement leverage restrictions and ban binary options trading for retail clients.
In particular, the Aussie regulator has proposed a single leverage ratio limit for all currency pairs 20:1. For equity indices, ASIC suggests a ratio of 15:1, commodities excluding gold 10:1, Gold 20:1, crypto-assets 2:1, and equities 5:1. These restrictions have yet to be implemented.
Because of these proposed restrictions, as has been the case in Europe, brokers need to expand and diversify their offering in order to remain competitive. This has been exactly what GO Markets has been doing in recent months.
According to the statement seen by Finance Magnates, the acquisition is the latest major milestone for the company and follows on the heels of the broker expanding its operations into the Middle East.
Earlier this year in April, the company told Finance Magnates that it had established a new subsidiary in Dubai – GO Markets MENA DMCC.