FXPRIMUS, the Mauritius-based FX/CFD broker, announced today that its European entity, FX Primus Europe (CY) Ltd. has been granted a CySEC Investment Firm (CIF) License from the Cyprus Securities & Exchange Commission.
FXPRIMUS is now able to provide assurance to its customers that they are trading with an EU regulated broker that complies with MiFID directives. Before this the broker was already licensed by the authorities of Mauritius and New Zealand, as common with firms focusing on the Asian market, but the new Cyprus arm will allow it to service European clients via MiFID passporting.
Terry Thompson, President of FXPRIMUS, commented on the development, “This is quite a big step for FXPRIMUS in terms of meeting some of our primary goals for 2015 and beyond. It gives us greater access to the European market. While we’ve established quite a footprint in Asia, we recognize the importance of having more of a global reach, and a European license puts us in a better position to accomplish this. Additionally, in our relentless pursuit to affirm our commitment to being the “Safest Place to Trade,” we welcome the opportunity of being governed across multiple jurisdictions.”
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Thompson expanded about working with the Cyprus watchdog: “The process in obtaining a CIF license is quite extensive, but a process we were more than happy in committing to. We look forward to working with CySEC and are appreciative of the issuance of the license.”
It was also discovered earlier this month that FXPRIMUS is expanding in the UK and setting its sights on the institutional side of the business when it acquired CMS Forex, a British firm offering institutional liquidity and prime-of-prime services in the FX, CFD and metals markets.
FXPRIMUS says it intends to open an office in Cyprus and become fully operational in early Q1, 2015.