MahiFX, a financial technology provider, has become MahiMarkets to reflect the culmination of its extensive business transformation. The rebranding shows that the company has completely moved away from its retail trading operations in the forex space.
MahiFX shut down its trading platform in 2019 as part of the company’s strategy to refocus as a business-to-business technology provider for banks, brokers and financial institutions. Shortly after, it sold its retail FX trading businesses in the United Kingdom, Australia and New Zealand, along with the licenses attached to them.
While FXDD was the buyer of MahiFX’s FCA-authorised brokerage, the Asian business was acquired by LGT Solutions Ltd.
MahiMarkets is operating under a new website to instead establish itself as a technology provider that has been crafting eFX solutions for banks and brokers since 2010. Further, its previously-centered offering around FX has expanded to include additional asset classes, such as commodities, CFDs, cryptocurrency, single stocks and options.
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The group’s three main products entail MFX Compass, an institutional e-FX engine and MFX Vector, a buy-side order management system.
Susan Cooney, Co-Founder of MahiMarkets, commented: “Despite the troubling global situation over the last year, it has been a period of innovation for the Mahi Group. Our robust technology, built and adapted over a ten-year timeframe, continues to undergo enhancements that respond to the challenges our customers face today. Our latest offerings not only assist customers in finding and protecting revenue in their current businesses but also enter new and interesting markets by enabling them to make markets and risk manage Crypto.”
The MahiMarkets’ Founder started her career in the FX industry in 2003 at Dresdner Kleinwort Wasserstein, where she was responsible for selling eFX trading platform ‘Piranha’ throughout Europe. This was followed by a move to Barclays Capital where she was given responsibility for European Institutional e-FX clients. She was then tasked with recruiting and heading a new team of sales professionals to build out Barclay’s e-FX trading platform, BARX, globally.