The Chairman of IKON MultiBank Group, Mr. Naser Taher, announced that IKON MultiBank is going to restructure its business under a new trademark name. MultiBank Exchange Group (MEX Group) is a new holding company, domiciled in California, USA.
The newly established company will launch a new foreign exchange trading communication network, which will begin its operations on Monday, the 18th July 2016, under the name MultiBank Exchange.
According to the official announcement, the decision has been taken by the board of directors of MultiBank Exchange Group in response to the new global code of conduct in the foreign exchange markets which was published by the Bank of International Settlements back in May.
The newly established California based company highlights that the new MultiBank Exchange ECN has an advanced price matching engine, which is designed to deliver its clients the ability to trade foreign exchange with “greater liquidity, speed, reliability and transparency”.
One of the main points of the new product is to facilitate client to client transactions, enabling individuals, brokers, ECNs, financial institutions and banks to trade between themselves.
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Corporate Restructuring of IKON MultiBank
Mr. Taher has elaborated that the newly restructured group has consolidated its asset portfolio by now owning 100 per cent of the shares and assets of Ikon MultiBank Group. Currently the company states that it has assets in China, Hong Kong, the UAE and Australia. The firm also owns the Datong brand name, which is focused on the Chinese market.
MultiBank Exchange Group comprises a number of companies, with FCA and ASIC regulated subsidiaries. The firm states that it has had over 180,000 customers in more than 90 countries with total trading volumes currently at over $3.2 billion daily.
According to the official announcement, the net capital of the company is at above $320 million. The firm will be operating under a new management team with the corporate body headed by Mr. Taher.
Commenting on the upcoming launch of the FX exchange, the Chairman of MultiBank Exchange Group, Nasim Taher, said: “It is with great delight that we announce today the launch of our cutting edge electronic Exchange, which will be a momentous milestone in our proud history since our establishment in 2005.”
“The fully transparent and electronic non-dealing desk Exchange is the cornerstone of the strategic global realignment of MultiBank Exchange Group which today is fully realized and places our Group of Companies as a fully independent, exclusive, transparent and industry leading global group of Companies with the aim of achieving an IPO within 3 years,” Taher elaborated.