Leverate has successfully offloaded the brokerage brand which it briefly set up at the end of 2015 before shutting it down in mid-2016. Allnew Investments purchased the company from the technology provider back in 2016 and has been patiently awaiting Cyprus Securities and Exchange Commission (CySEC) authorization before relaunching the brand.
The Cypriot regulator has become much more rigorous when processing new applications from retail brokers over the past year. The ESMA’s pressure on CySEC to get its house in order has materially impacted the approval process for new firms, such as A.N. Allnew Investments.
The majority shareholder of the firm, Jad Abdelrahman, has vast experience in the online marketing space. According to his LinkedIn profile, he was the business development executive at XForex, Internovus, and Bforex.
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The Brokerage Aims at the EU Market
The new company of Legacy FX is aiming to provide forex and CFDs to European clients. The competitive marketplace will be initially addressed with an offering consisting of a partnership with Leverate and its SIRIX trading platform.
Commenting to Finance Magnates, the Executive Manager of Legacy FX and Allnew Investment Management, Michael Floros, shared that CySEC was very rigorous during the process of granting the company an operating license.
“The approval process took quite a while because of various additional requirements on part of the regulator. I think that the new regulatory stance on part of the CySEC, in the end, going to be good for the market,” Floros elaborated.
The company is already working on deploying more options for its future clients. Floros shared with Finance Magnates that the brokerage is preparing to launch MT4 and MT5 solutions via a liquidity partnership with Swissquote.