Gallant Capital Markets becomes the first forex broker to be licensed by the BVI FSC
BVI, which for many is a synonym for an offshore haven and lax regulation, is no longer such. While it is still a place where corporate tax is 0%, its financial sector and regulation has undergone a major overhaul. Getting a financial license in BVI is now almost as difficult as getting it in Europe. Of course for investors BVI will always sound as a place for monkey business but the tiny island is adamant to change this perception and is strictly enforcing its new rules. BVI's FSC also reluctant to handout too many financial licenses therefore any firm applying should expect quite a lengthy (about a year) and costly (100k+) process.
TORTOLA, British Virgin Islands, June 6, 2011 – Gallant Capital Markets (Gallant) announced today that the British Virgin Islands Financial Services Commission (BVIFSC) approved its application for an investment business license. The license allows Gallant to deal in investments as a principal. Receiving this license from the Financial Services Commission (FSC) of the British Virgin Islands (BVI) is particularly noteworthy as Gallant is the first and currently the only Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest trading market by volume. According to the Bank of International Settlements (BIS) latest survey, the Forex market now turns over in excess of $5 trillion every day, with the most exchanges occurring between the US Dollar and the Euro (EUR/USD), followed by the US Dollar and the Japanese Yen (USD/JPY), then the US Dollar and Pound Sterling (GBP/USD). Ultimately, it is the very exchanging between currencies which causes a country’s currency to fluctuate in value in relation to another currency – this is known as the exchange rate. With regards to freely floating currencies, this is determined by supply and demand, such as imports and exports, and currency traders, such as banks and hedge funds. Emphasis on Retail Trading for ForexTrading the forex market for the purpose of financial gain was once the exclusive realm of financial institutions.But thanks to the invention of the internet and advances in financial technology from the 1990’s, almost anyone can now start trading this huge market. All one needs is a computer, an internet connection, and an account with a forex broker. Of course, before one starts to trade currencies, a certain level of knowledge and practice is essential. Once can gain some practice using demonstration accounts, i.e. place trades using demo money, before moving on to some real trading after attaining confidence. The main two fields of trading are known as technical analysis and fundamental analysis. Technical analysis refers to using mathematical tools and certain patterns to help decide whether to buy or sell a currency pair, and fundamental analysis refers to gauging the national and international events which may potentially affect a country’s currency value. Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest trading market by volume. According to the Bank of International Settlements (BIS) latest survey, the Forex market now turns over in excess of $5 trillion every day, with the most exchanges occurring between the US Dollar and the Euro (EUR/USD), followed by the US Dollar and the Japanese Yen (USD/JPY), then the US Dollar and Pound Sterling (GBP/USD). Ultimately, it is the very exchanging between currencies which causes a country’s currency to fluctuate in value in relation to another currency – this is known as the exchange rate. With regards to freely floating currencies, this is determined by supply and demand, such as imports and exports, and currency traders, such as banks and hedge funds. Emphasis on Retail Trading for ForexTrading the forex market for the purpose of financial gain was once the exclusive realm of financial institutions.But thanks to the invention of the internet and advances in financial technology from the 1990’s, almost anyone can now start trading this huge market. All one needs is a computer, an internet connection, and an account with a forex broker. Of course, before one starts to trade currencies, a certain level of knowledge and practice is essential. Once can gain some practice using demonstration accounts, i.e. place trades using demo money, before moving on to some real trading after attaining confidence. The main two fields of trading are known as technical analysis and fundamental analysis. Technical analysis refers to using mathematical tools and certain patterns to help decide whether to buy or sell a currency pair, and fundamental analysis refers to gauging the national and international events which may potentially affect a country’s currency value. Read this Term broker-dealer domiciled in the BVI to be authorized and regulated by the FSC under the Securities and Investment Business Act of 2010 (SIBA), which is the new regulatory regime which now regulates this type of investment business activity in the BVI.
BVI confirmed its growing importance as a financial center in the latest Global Financial Centres [sic] Index (GFCI) ratings. It was the only offshore financial center to rise in the GFCI ratings. The improvement comes as other offshore jurisdictions continue to decline, a trend that began with the global financial crisis in 2008. Equally important, the International Monetary Fund reported in October 2010 that public revenues have remained steady in the BVI since 2008. The same report pointed out that the BVIFSC remains a full partner in international, information sharing.
Adding Gallant’s investment business license to deal in investments as a principal to its powerful suite of products and services raises the bar for its competition, enabling Gallant to offer its services within the confines of a respected regulatory framework, advancing its commitment to expanding its products and services for its global clientele.
“Both receiving and being the first to receive an investment business license from the BVIFSC to deal in investments as a principal is exciting and a huge milestone for our company. It symbolizes our commitment to our global clients, and it adds momentum to our continuing effort to expand our company through our products and services,” said Salvatore Buccellato, CEO of Gallant Capital Markets.
The BVIFSC is the regulatory authority for all financial services businesses operating in the BVI. This highly regarded body regulates all financial services conducted within the BVI, and it ensures compliance with international standards and best-conduct business practices.
About Gallant Capital Markets:
Gallant’s renowned Partner Programs are ideal for Introducing Brokers, Money Manager Solutions, and White Label Services.
Securities and Investment Business Act, 2010 License#: SIBA/L/11/0964.
Grab your latest copy of the Forex Magnates Retail Forex Industry Report for Q1 2011.
BVI, which for many is a synonym for an offshore haven and lax regulation, is no longer such. While it is still a place where corporate tax is 0%, its financial sector and regulation has undergone a major overhaul. Getting a financial license in BVI is now almost as difficult as getting it in Europe. Of course for investors BVI will always sound as a place for monkey business but the tiny island is adamant to change this perception and is strictly enforcing its new rules. BVI's FSC also reluctant to handout too many financial licenses therefore any firm applying should expect quite a lengthy (about a year) and costly (100k+) process.
TORTOLA, British Virgin Islands, June 6, 2011 – Gallant Capital Markets (Gallant) announced today that the British Virgin Islands Financial Services Commission (BVIFSC) approved its application for an investment business license. The license allows Gallant to deal in investments as a principal. Receiving this license from the Financial Services Commission (FSC) of the British Virgin Islands (BVI) is particularly noteworthy as Gallant is the first and currently the only Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest trading market by volume. According to the Bank of International Settlements (BIS) latest survey, the Forex market now turns over in excess of $5 trillion every day, with the most exchanges occurring between the US Dollar and the Euro (EUR/USD), followed by the US Dollar and the Japanese Yen (USD/JPY), then the US Dollar and Pound Sterling (GBP/USD). Ultimately, it is the very exchanging between currencies which causes a country’s currency to fluctuate in value in relation to another currency – this is known as the exchange rate. With regards to freely floating currencies, this is determined by supply and demand, such as imports and exports, and currency traders, such as banks and hedge funds. Emphasis on Retail Trading for ForexTrading the forex market for the purpose of financial gain was once the exclusive realm of financial institutions.But thanks to the invention of the internet and advances in financial technology from the 1990’s, almost anyone can now start trading this huge market. All one needs is a computer, an internet connection, and an account with a forex broker. Of course, before one starts to trade currencies, a certain level of knowledge and practice is essential. Once can gain some practice using demonstration accounts, i.e. place trades using demo money, before moving on to some real trading after attaining confidence. The main two fields of trading are known as technical analysis and fundamental analysis. Technical analysis refers to using mathematical tools and certain patterns to help decide whether to buy or sell a currency pair, and fundamental analysis refers to gauging the national and international events which may potentially affect a country’s currency value. Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest trading market by volume. According to the Bank of International Settlements (BIS) latest survey, the Forex market now turns over in excess of $5 trillion every day, with the most exchanges occurring between the US Dollar and the Euro (EUR/USD), followed by the US Dollar and the Japanese Yen (USD/JPY), then the US Dollar and Pound Sterling (GBP/USD). Ultimately, it is the very exchanging between currencies which causes a country’s currency to fluctuate in value in relation to another currency – this is known as the exchange rate. With regards to freely floating currencies, this is determined by supply and demand, such as imports and exports, and currency traders, such as banks and hedge funds. Emphasis on Retail Trading for ForexTrading the forex market for the purpose of financial gain was once the exclusive realm of financial institutions.But thanks to the invention of the internet and advances in financial technology from the 1990’s, almost anyone can now start trading this huge market. All one needs is a computer, an internet connection, and an account with a forex broker. Of course, before one starts to trade currencies, a certain level of knowledge and practice is essential. Once can gain some practice using demonstration accounts, i.e. place trades using demo money, before moving on to some real trading after attaining confidence. The main two fields of trading are known as technical analysis and fundamental analysis. Technical analysis refers to using mathematical tools and certain patterns to help decide whether to buy or sell a currency pair, and fundamental analysis refers to gauging the national and international events which may potentially affect a country’s currency value. Read this Term broker-dealer domiciled in the BVI to be authorized and regulated by the FSC under the Securities and Investment Business Act of 2010 (SIBA), which is the new regulatory regime which now regulates this type of investment business activity in the BVI.
BVI confirmed its growing importance as a financial center in the latest Global Financial Centres [sic] Index (GFCI) ratings. It was the only offshore financial center to rise in the GFCI ratings. The improvement comes as other offshore jurisdictions continue to decline, a trend that began with the global financial crisis in 2008. Equally important, the International Monetary Fund reported in October 2010 that public revenues have remained steady in the BVI since 2008. The same report pointed out that the BVIFSC remains a full partner in international, information sharing.
Adding Gallant’s investment business license to deal in investments as a principal to its powerful suite of products and services raises the bar for its competition, enabling Gallant to offer its services within the confines of a respected regulatory framework, advancing its commitment to expanding its products and services for its global clientele.
“Both receiving and being the first to receive an investment business license from the BVIFSC to deal in investments as a principal is exciting and a huge milestone for our company. It symbolizes our commitment to our global clients, and it adds momentum to our continuing effort to expand our company through our products and services,” said Salvatore Buccellato, CEO of Gallant Capital Markets.
The BVIFSC is the regulatory authority for all financial services businesses operating in the BVI. This highly regarded body regulates all financial services conducted within the BVI, and it ensures compliance with international standards and best-conduct business practices.
About Gallant Capital Markets:
Gallant’s renowned Partner Programs are ideal for Introducing Brokers, Money Manager Solutions, and White Label Services.
Securities and Investment Business Act, 2010 License#: SIBA/L/11/0964.
Grab your latest copy of the Forex Magnates Retail Forex Industry Report for Q1 2011.