Exclusive: Valutrades Upgrades License, Becomes Full-Scope IFPRU €730k Firm
- According to the firm's CEO, brokers won't be able to continue serving retail clients without the license
Valutrades, a London-based retail broker, has upgraded its regulatory license according to CEO Graeme Watkins. Speaking exclusively to Finance Magnates, Watkins stated that the firm has upgraded its license, provided by the UK’s Financial Conduct Authority (FCA), to a full-scope IFPRU €730k firm
Graeme Watkins, CEO, Valutrades
Full-scope IFPRU €730k firm status is given to firms based in the UK, with own base funds of €730,000 ($850,00), that must adhere to both the European Securities and Markets Authority’s (ESMA ESMA European Securities and Markets Authority (ESMA) is an independent Authority of the European Union that is responsible for the safety, security, and stability of the European Unions’ financial system and is charged with protecting the public. The European supervisory authority for the securities sector, ESMA was established on 1 January 2011. The European Securities and Markets Authority is an independent EU authority based in Paris. It aims to contribute to the effectiveness and stability of t European Securities and Markets Authority (ESMA) is an independent Authority of the European Union that is responsible for the safety, security, and stability of the European Unions’ financial system and is charged with protecting the public. The European supervisory authority for the securities sector, ESMA was established on 1 January 2011. The European Securities and Markets Authority is an independent EU authority based in Paris. It aims to contribute to the effectiveness and stability of t Read this Term) Markets in Financial Instruments Directive and FCA regulations.
To upgrade its license, Valutrades raised £1.4 million ($1.82 million) from existing shareholders. This money will be put towards increasing the firm’s balance sheet and supporting its continual growth.
Growth could entail takeovers. According to Watkins, the firm might be using its recently raised funds and upgraded license to perform strategic takeovers or form new partnerships.
In the run-up to receiving its upgraded license, Valutrades also made several senior management hires. Last week, for example, the broker brought in Harry Campbell-Lamerton, formerly of ADS Securities, as Chief Operating Officer.
Survival of the licensed
Watkins also told Finance Magnates that the license would help Valutrades to adhere to the upcoming ESMA regulation concerning contracts-for-differences (CFDs). He added that he believes firms that do not obtain a similar license will be unable to continue serving retail clients.
The upgrade to full-scope IFPRU €730k firm status was partially credited to Compliancy Services; a consultancy firm that aided the retail broker in its efforts to obtain the new license.
Summing up his firm’s efforts, Watkins said: "The whole team at Valutrades has worked really hard on preparing the license application and new governance, systems and controls now we have received the approval for the upgraded license. We see this as the next obvious step in Valutrades goal of being one of the leading brokers in the UK based around a strong foundation of good Regulation Regulation Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Read this Term and transparency to our clients."
Valutrades, a London-based retail broker, has upgraded its regulatory license according to CEO Graeme Watkins. Speaking exclusively to Finance Magnates, Watkins stated that the firm has upgraded its license, provided by the UK’s Financial Conduct Authority (FCA), to a full-scope IFPRU €730k firm
Graeme Watkins, CEO, Valutrades
Full-scope IFPRU €730k firm status is given to firms based in the UK, with own base funds of €730,000 ($850,00), that must adhere to both the European Securities and Markets Authority’s (ESMA ESMA European Securities and Markets Authority (ESMA) is an independent Authority of the European Union that is responsible for the safety, security, and stability of the European Unions’ financial system and is charged with protecting the public. The European supervisory authority for the securities sector, ESMA was established on 1 January 2011. The European Securities and Markets Authority is an independent EU authority based in Paris. It aims to contribute to the effectiveness and stability of t European Securities and Markets Authority (ESMA) is an independent Authority of the European Union that is responsible for the safety, security, and stability of the European Unions’ financial system and is charged with protecting the public. The European supervisory authority for the securities sector, ESMA was established on 1 January 2011. The European Securities and Markets Authority is an independent EU authority based in Paris. It aims to contribute to the effectiveness and stability of t Read this Term) Markets in Financial Instruments Directive and FCA regulations.
To upgrade its license, Valutrades raised £1.4 million ($1.82 million) from existing shareholders. This money will be put towards increasing the firm’s balance sheet and supporting its continual growth.
Growth could entail takeovers. According to Watkins, the firm might be using its recently raised funds and upgraded license to perform strategic takeovers or form new partnerships.
In the run-up to receiving its upgraded license, Valutrades also made several senior management hires. Last week, for example, the broker brought in Harry Campbell-Lamerton, formerly of ADS Securities, as Chief Operating Officer.
Survival of the licensed
Watkins also told Finance Magnates that the license would help Valutrades to adhere to the upcoming ESMA regulation concerning contracts-for-differences (CFDs). He added that he believes firms that do not obtain a similar license will be unable to continue serving retail clients.
The upgrade to full-scope IFPRU €730k firm status was partially credited to Compliancy Services; a consultancy firm that aided the retail broker in its efforts to obtain the new license.
Summing up his firm’s efforts, Watkins said: "The whole team at Valutrades has worked really hard on preparing the license application and new governance, systems and controls now we have received the approval for the upgraded license. We see this as the next obvious step in Valutrades goal of being one of the leading brokers in the UK based around a strong foundation of good Regulation Regulation Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Read this Term and transparency to our clients."