LMAX Global is set for expansion, as the foreign exchange (forex) broker announced this Wednesday that the Cyprus Securities and Exchange Commission (CySEC) has approved its application to acquire CB Capital Business ltd.
CB Capital Business ltd is a broker regulated by the Cypriot watchdog. Once the deal is completed, LMAX Global, which is part of the LMAX Exchange Group, will be able to build out and provide a better service to its institutional and intermediary clients based in Southern Europe, Cyprus and the Middle East.
Not only that, but the acquisition will also allow the Group to expand in these regions. In Cyprus alone, there are more than 200 regulated brokers. The Group plans on capitalizing on this saturated market by offering order-driven liquidity to brokers and institutional market participants.
Post-acquisition, CB Capital Business ltd will be brought under the LMAX Global brand, as a European legal entity – “LMAX Broker Europe ltd.”
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Commenting on the acquisition, David Mercer, Chief Executive of LMAX Exchange Group, said: “This acquisition is an important step for us as we look to expand our institutional client offering across Southern Europe, the Middle East and further afield.”
“As our Asia and US-based businesses continue to thrive, it was clear that Southern Europe and the Middle East should be the next areas of focus for us in terms of growth. This deal ensures that following the Brexit outcome our services will remain unaffected, whilst giving us the ability to serve clients in new established markets.”
“We look forward both to improving our current institutional offering, as well as connecting with new businesses in the region.”
LMAX Group to continue global expansion
More acquisitions like the one announced today might be on the horizon for LMAX. According to the statement, the transaction is part of the Group’s international expansion strategy so that it can provide better market access to its clients.
“We fully expect controlled extension of our international footprint in the years ahead in line with our exceptional growth making us one of the most efficient FX operators in the industry,” Mercer added.