London based financial technology provider MahiFX has officially announced that the company is now authorized by the UK Financial Conduct Authority (FCA). The move adds a third jurisdiction in which the company is regulated, after Australia and New Zealand.
Commenting on the matter, the Compliance and Finance Manager of MahiFX, Nicole Vivian, said: “As a regulated entity, MahiFX is required to meet strict financial standards, including capital adequacy requirements. On a regular basis, MahiFX is required to submit financial reports to regulators and must meet the highest standards of corporate governance, financial reporting and disclosure.”
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“We are providing services to a range of FCA regulated brokers, and as a technology provider we thought it was important to comply with the same standards as them. Authorisation from the FCA also reinforces our status as a business that prioritises integrity, honesty and security. We hope that our new membership demonstrates this to both present and future clients,” the company’s CEO David Cooney said in the official announcement.
Official information in the FCA’s register shows that the company is allowed deal in investments as an agent and as a principal for professional and retail clients. The license includes commodity futures and options, CFDs, futures, options rights, spot FX and spread betting.
MahiFX has been providing its technology to a range of eFX clients with the company’s core products MFX Compass and MFX Vector. The tools have been widely used to optimize costs and manage risks by electronic foreign exchange brokers. The company also offers its proprietary trading platform, MFX Trade.