Cyprus headquartered brokerage Exness has announced that it has established a UK-based subsidiary and acquired a license from the UK Financial Conduct Authority (FCA). The UK company’s name is Exness Europe Limited, and it has received a matched principal license from the London headquartered regulatory watchdog.
The company states in its official announcement on the matter of getting regulated by the FCA that it is going to use its new subsidiary to target more European clients. Until now the firm had been more heavily focused on Asia, the Middle East and Africa.
Commenting on the news, the CEO of Exness Europe, David Morris, said: “This is a very important milestone in the global expansion of the group and reinforces Exness’ unwavering commitment to adhere by the highest international regulatory standards and to protect its clients’ best interests.”
“There is currently an ever-growing scrutiny from regulators in the forex & CFD industry; Exness embraces this and sees it as fundamental to both the success and longevity of the industry,” he added.
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The UK based Exness Europe Limited is set to begin operations before the end of 2016.
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The company is also looking to expand its services beyond B2C services and is exploring the world of B2B by exploring its technological capabilities.
Exness has been long regulated by the Cyprus Securities and Exchange Commission (CySEC) and has been in adherence with the European Markets in Financial Instruments Directive (MiFID), which in principal has been enough to grant the company access to the European market.
The firm has chosen to acquire an FCA license in order to expand its services and marketing efforts on the continent.
The move comes at a time when a number of UK-based companies are worried about losing access to passporting financial regulation and hence lose access to the single European market. With the CySEC license of the company, even if Brexit prompts a revamp of the financial services sector in the UK, the company will retain access to European clients.