XM.COM has become the latest company from the forex and CFDs trading industry to acquire a license in the United Kingdom. The company has applied and was successfully granted a registration with the U.K. Financial Conduct Authority.
The London based entity Trading Point of Financial Instruments UK Limited will be operating as a matched principle brokerage starting from today and will be using the XM UK brand. The company received its license in May but has only now finished setting up the subsidiary after months of preparation to launch the new subsidiary.
For the time being the UK subsidiary of XM.COM is authorized to offer CFDs and rolling spot forex. The company is not allowed to offer a spread betting product, which is one of the most popular instruments in the UK. Broker clients do not need to pay a capital gains tax on profits from spread betting.
XM.COM states in an official communique published on its website: “Over the past four years, we have been recording steady double-digit growth, which is considered as an achievement on its own, but we remain humble, focused and dedicated to our values. We want to ensure that we achieve a healthy growth and we develop at a solid pace, a pace which we can adhere to and handle without compromising our values, brand and product.”
The company’s management also states that the firm is committed to its services and is willing to weather a period of regulatory turbulence as it stands behind its values of promoting best practice and working for the clients’ best interests.
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The license has been acquired by the firm just a month before the issue of the Brexit will put into question the passporting abilities of UK companies into the European Union. The government of Theresa May has committed to negotiate a viable deal for the financial sector, but experts on the matter state that the UK government will have a hard time negotiating with little leverage to offer to its European counterparts.
The UK subsidiary of XM.COM is headed by Pambos Panayiotou. Commenting on the launch, he said: “XM was founded on the belief that efficient and professional trading environment should be available to all clients regardless of their net capital worth, the size of their investment, or their account type. Still founder-led today, we have stayed true to our founding imperative without compromising our values or our commitment to clients.”
“The opening of our London operations will allow us to engage more closely with customers and partners in one of the world’s most important financial centres as we look to continue to grow our market share in the UK and beyond,” he added.
The news comes only a week after the company signed a deal with none other than world famous athlete Usein Bolt.
According to the FCA Register, XM UK has already appointed Marios Menelaos Papapostolou and Charalambos Panayiotou as Directors with Rishi Zaveri serving as Non-Executive Director.