Finance Magnates has learned that some of the shareholders of Leverate are funding a new start-up brokerage to be headed by industry veteran Mariano Obludzyner. The former executive of AvaFX, Markets.com and Forex Magnates has decided to venture in a new direction from his role as Head of Customer Relations at Leverate.
The new brokerage’s name is LegacyFX, and it will be using Leverate’s technology. The firm will be led by CEO Mariano Obludzyner, who commented on the new venture: “I know what Leverate already provides and what is coming, therefore I approached some of Leverate’s shareholders and other investors who welcomed my initiative.”
The shareholders of the trading technology provider are making a big effort towards transparency by announcing their participation in the venture. In the past, a number of technology providers in the forex and binary options arena have secretly run their own brands side by side with their clients. Leverate’s shareholders have chosen to openly announce their interest in LegacyFX and openly address any concerns that other clients might have.
Transparency a top priority for Leverate
The CEO of the technology provider, Kobi Gur, explained that the new company is to be treated by the technology provider as any other client. He elaborated: “I am sure there will be those who see conspiracies, that’s just part of life. We intend the brokerage to be treated as a client based on merit and to be the first out of many shining test cases of how using Leverate technology, business solutions and professional services can give the broker better results with less costs.”
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For clients of a platform provider, seeing that it operates in the B2C space could be perceived as unfair competition, as they could be targeting the same traders. These are the “conspiracies” that Leverate’s CEO referred to.
Commenting on the departure of the executive team member Mariano Obludzyner, he stated: “Despite losing a key employee such as Mariano, it is always a pleasure to welcome a new client or partner and this time it is close to home.”
“The real excitement comes from having a partner that truly believes in our vision and can effectively showcase the effectiveness of Leverate technology both in terms of increasing the top line results and cutting effective costs in a scalable manner,” he explained.
Just as is the case with other clients of the firm, the company considers a close partnership with a brokerage to be an important part of a base for it to further develop its products.
LegacyFX will be using the Cyprus Securities and Exchange Commission (CySEC) license of Leverate, which is giving it open access to the European Union market through passporting a MiFID license. The brokerage will also be headquartered in Cyprus.