IC Markets Reverses Migration of Overseas Clients

After client feedback, the Australian broker reversed its decision from last week

IC Markets Australia just sent out an email to all its overseas clients, confirming that it will continue servicing their accounts via its ASIC-regulated subsidiary. Late last week, the company informed its customers that it is planning to migrate their trading accounts to a subsidiary regulated in Seychelles.

“Following the valuable feedback of all our clients, we are pleased to inform you that we have made the decision to maintain your trading account(s) with International Capital Markets Pty Ltd (IC Markets AU),” the company stated to its customers in the email sent out this European morning.

No changes will be applied to the trading conditions used by clients of IC Markets Australia. The company highlighted that client funds would continue to be held with top tier AA rated Australian banks in a segregated trust account.

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All currently open positions and account history will also remain unaffected. The company proceeds to explain to its clients that the broker’s services will continue to be governed by the Australian financial services laws.

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IC Markets EU

The company also elaborated that its customers are welcome to open accounts with IC Markets EU. Last October the Australian broker obtained a CySEC license and secured an EU domain to accommodate clients willing to trade in compliance with European regulations.

To date the European domain of IC Markets has not been launched, however, in the company’s message to clients, the CySEC subsidiary is listed as an alternative to the Seychelles subsidiary where the company was planning to migrate its overseas customers.

Customers willing to keep their Australian accounts do not need to undertake any new actions. The broker also states that all entities in Australia, Cyprus, and Seychelles, keep client funds in segregated accounts in accordance with the regulations applied to each jurisdiction.

The broker’s reaction has been very quick as it joins a big number of Australian brokers that are confirming to their clients that their operations will continue as normal after the 30th of June. The date is the deadline which the ASIC presented to regulated firms back in April to submit a vast amount of data.

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