OANDA, the largest North American broker in terms of accounts, has recently achieved an FSA license.
FSA licensing process is a very lenghty and costly procedure and OANDA probably initiated it well over a year ago – prior to leverage restriction rules and Dodd-Frank reform which required all US brokers to repatriate US accounts back home. OANDA is the latest major US forex broker to attain FSA registration which is considered one of the best and fairest in this part of the world – US rules are very restrictive and capital intensive, so are Swiss ones, and FSA stands out in the current strict forex regulatory climate as the most balanced regulator.
FSA registration will allow OANDA to offer more flexible conditions to its European clients. OANDA received permissions to act both as a market maker (dealing in investments as principal) and as a broker/STP (arranging deals in investments) – which are the typical permissions for a retail forex broker. Dr. Antony James Broadbent, a Managing Director Europe for OANDA, is heading the office, with Michael Stumm and Index Ventures representative being the other two directors.
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In addition to UK’s FSA license OANDA is currently registered with NFA/CFTC in the US, Monetary Authority of Singapore, Dubai Financial Services Authority (authorised to deal with professional clients only) and Canadian IIROC.