Tickmill, a Seychelles based online Forex and CFD broker, has announced that its UK entity, Tmill UK Limited, is now licenced and regulated by the Financial Conduct Authority (FCA).
The FCA is the UK’s financial regulatory body, the framework within which the country’s financial services firms must operate. FCA regulated brokers must adhere to the strictest financial standards, including capital adequacy requirements, full segregation of client funds and transparency of business operations.
In a statement issued by Tickmill today, the company said that the acquisition of the prestigious FCA licence is an important milestone its global organisation which currently serves a client base of over 20,000 clients and processes more than 3 million trades a month.
As an STP and ECN broker with a strong presence in key markets in Asia, the Middle East and Africa, the company is now set to expand its reach in the UK and the European Union, providing traders with the opportunity to benefit from competitive pricing, high levels of financial security, superior execution speed and personalised customer support.
New clients from the European Union and many other countries will be able to open a trading account with the UK entity with immediate effect.
Tickmill UK will be headed up by Duncan Anderson, who has been appointed as the Chief Executive Officer of Tickmill’s UK operations. With extensive experience in financial industry, Anderson held various management positions in the financial industry, bringing with him strong industry knowledge that will support Tickmill’s vision to become the provider of choice.
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Commenting on the FCA licence, Anderson said, “The FCA authorisation marks a new chapter in our history as we expand globally. There is now a clear path to enter the European market with a firm commitment to put our clients’ interests at the heart of our operations and to deliver brokerage services of outstanding quality.”
In light of Tickmill’s FCA authorisation and the implications of Brexit, Finance Magnates posed two questions to Anderson who shared his insights as follows:
Considering that the GBP is now more volatile than before due to Brexit vote, how are you adapting in terms of risk management?
From a trader’s perspective, volatility presents many opportunities. From Tickmill’s perspective, we employ a position-agnostic approach and pass on risk to our liquidity providers. Our job is to ensure that we provide the best trading environment to our clients, while offering the best pricing in the fastest possible time frame.
Is there a concern you won’t be able to accept European clients based on the new FCA license after Brexit? (canceling of financial passporting agreement)
I anticipate that a “full Brexit” will take two or more years to fully unravel. We must keep in mind that it has taken 40 years to put the whole plan together and the financial and legal framework has become tightly enmeshed during that time. I expect the FCA to reach a viable agreement with our European partners when the time arrives, probably on less favourable terms than we have been used to, but nonetheless, we should still be able to trade with most of our European partners.