Operating under the XM.com brand, with international locations in Cyprus and New Zealand, and headquarters in Limassol, the Cypriot-owned group of companies under the parent holding company Trading Point Holdings Limited has gained authorization from the Australian Securities & Investment Commission (ASIC) for one of its regulated Australian registered entities.
The new ASIC license was said to be for Trading Point of Financial Instruments Pty. Ltd., under license number 443760, and adds to the group’s ownership of 4 licenses in total, across New Zealand, the United Kingdom, Cyprus and now an Australia regulated entity.
In the update posted on its corporate xm.com website, the company said that the license granted is a significant milestone in its global expansion strategy after the firm reached over 100 million trades, as per updated information on a different section of its website, counting since January 2013 to date.
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In addition, the company published that it has paid out some $10 million in IB fees to affiliates and introducing brokers, as it drives its sales efforts through partnerships, a method typical to most retail forex brokerages for growing the number of accounts acquired, in addition to in-house online marketing and sales efforts.
The ASIC registration appears to have been submitted in June 2013 based on data on the regulator’s website, and the go-ahead given by ASIC around the end of December 2013, as told to Forex Magnates’ reporters by people close to the company.
Forex Magnates’ reporters spoke with Chris Zacharia, Marketing Director at XM.com’s Cyprus Office, in charge of corporate marketing communications, and who explained that one of the drivers for pursuing the ASIC license, in addition to being part of the company’s strategy as noted in the press release, was the expectation that it would help the firm focus within Asia-Pacific, as Australia is thought to be a more familiar regulatory hub/trading partner within Asian countries, in comparison to other locations (such as in Europe,etc.).
Thus the firm is putting a high value on Asia as brokers continue to look East for growth opportunities.