Online foreign exchange (FX) broker FXTM today announced the opening of its fully operational division in the UK. The UK division will be based in the City of London and will offer both retail and institutional clients access to its range of products and services, trading terms and technology.

The news follows last week’s appointment of CNBC Arabia’s Hussein Al Sayed as the face of FXTM’s brand in the Middle East, reinforcing the broker’s plans to expand its global focus and brand within both the Middle East and North Africa (MENA) and GCC regions.

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FXTM has pinpointed London as the ideal location due its strategic position in Europe, rich trading history and highly skilled workforce. The office will play a key role in FXTM’s future plans to extend the number of instruments and services that it offers, reflecting the trading interests of UK and European investors.

Commenting on the new UK division, Olga Rybalkina, CEO of FXTM said: “Having delivered strong results and stable growth since the founding of the company, the opening of our UK office is a natural step for FXTM. The UK office will provide a strategic position from which we will continue offering our clients in the UK and Europe secure and high quality products and services.”

Demetrios Zamboglou has been appointed as the general manager of the UK office, bringing with him a background in risk management. Zamboglou has previously held a number of senior management positions in the FX industry.

Brexit Risks

As a leading European financial hub, London continues attracting new business despite the prospects for a Brexit from the European Union. FXTM is making a big commitment at a time of uncertainty in the market and despite the risks associated with the exit of the United Kingdom from the EU, which could lead to substantial challenges for the financial industry in the near future.

Commenting on the issue, a company spokesperson stated to Finance Magnates, “We don’t see the potential of a Brexit impacting our business endeavors in the UK. London is respected around the world as a global financial hub, and we are opening of our office there because we see huge potential and many opportunities in the UK market, which would not change in the hypothetical event that the outcome of the referendum in June is a Brexit.”