MahiFX is preparing to recommit its efforts on the retail side of the foreign exchange trading industry. After acquiring an FCA license earlier this year, the company is gearing towards another attempt at the retail market.
The announcement comes as part of the company’s full year report on the financial results for the fiscal year that ended on March 31st 2017. In a section called ‘Future Developments’, the company’s director David Cooney outlines that the firm intends to offer non-deliverable rolling spot FX and metals on a margin basis.
MahiFX is aiming at both the retail and the institutional side of the market. The company has been focusing on providing technology in recent years after launching its MFX Vector and MFX Compass solutions.
Make or Break Decision: Finding the Liquidity Provider Thats Best for YouGo to article >>
The firm has already been operating a retail brokerage arm under its New Zealand-regulated subsidiary MahiFX Limited. In addition to its NZ FMA licensed entity, the group also has a regulated subsidiary in Australia, which holds an ASIC license.
Last week Finance Magnates reported on Tom Robinson who moved on to become Head of eFX Sales in London at Jefferies after spending a couple of years with MahFX.
UK company MahiFX UK posted an increase in revenues totaling 60 percent to mark £1.57 million ($2.1 million). Expenses also increased, coming in at £1.37 million ($1.8 million), a number which is 67 percent higher than a year ago.
MahiFX posted a profit after taxes amounting to £157,499 ($208,870) for the year ending 31st of March 2017.
Finance Magnates has reached out to the company for more information on its new direction. A spokesperson for MahiFX declined to provide more details on the company’s plans.