Sydney is gaining momentum as a financial hub for FX and CFD trading. With an established regulatory and business environment Australia is competing with major financial districts as a choice for business.
A year ago we published parts of FxPro’s IPO prospectus where there was an indication that FxPro intends to establish an Australian regulated office. Now this receives an official approval: FxPro Financial Services Ltd (FxPro), a leading global forex broker today announced the launch of its Australian business – FxPro Australia Pty Ltd (FxPro Australia).
FxPro Australia’s Sydney office will also serve as the base for the expansion of FxPro’s Asia operations – with Asian clients currently accounting for 49% of its trading volumes.
FxPro has achieved substantial success since its launch in 2006, and it has gone from strength to strength over the past 12 months. Volumes traded on its online platform were $589 billion in the first half of 2011 and it is on track to have another record year.
The award-winning provider of online forex trading services to both retail and institutional clients in more than 150 countries has offices in London, Vienna, Moscow, Madrid, Nice and Limassol. The launching of an Australian business was the logical next step in expanding the forex broker’s global footprint.
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Forex trading has become increasingly popular with Australian investors as an effective way to hedge their portfolios at a time of global economic uncertainty – as returns are non-correlated to traditional investments like property and shares. In addition the forex market is the most liquid in the world with average trading volumes estimated at US$4 trillion by the Bank of International Settlement (BIS) – and is open 24 hours a day.
Denis Sukhotin, Founder of FxPro commented: “Australia is a key market for FxPro, and we are committed to developing the strength of our operations in the region. The Australian Dollar is one of the most popularly traded currencies on our platform at a time when both investors and traders are troubled by developments in both Europe and North America. Our Sydney office will also serve as the base for the expansion of our operations in Asia.”
Mark Bringans, Managing Director, FxPro Australia commented: “FxPro has already seen significant interest from Australian based traders wanting to access our full range of web based, desktop and mobile trading platforms. We offer fast and easy access to the 60 most widely traded currency pairs and all the most popular soft and hard commodities. Our clients can choose from the popular MT4 platform or FxPro cTrader – the ECN (Electronic Communication Network) solution launched in April this year.”
FxPro Australia Pty Ltd (ABN 68 143 740 603) is authorised and regulated by the Australian Securities and Investment Commission (ASIC), to deal and give advice in relation to foreign exchange contracts and derivatives.
Forexmagnates team covered the thriving Australian market in detail, as expected more and more brokers are spreading their wings in Asia Pacific.