The risk of losing access to 25% of the company’s current client base with one signature is significant.
LMAX Exchange has just announced that the company will look for a regulatory license in Ireland, should the UK government fail to preserve single European Union market access for companies in the financial markets industry.
The FCA regulated multilateral trading facility (MTF) for foreign exchange trading has unveiled its plans to get a regulatory license in Ireland. since the UK government led by Theresa May has been steering towards a ‘hard Brexit’. Should access to the single market be revoked, financial services companies from the UK are planning to get regulated in an EU member country.
According to LMAX, London’s status as an FX center depends on preserving regulatory equivalence with the European Union. The London market is currently twice the size of the US market, with over 40 percent of the daily turnover in FX flowing through the highly developed infrastructure in the financial capital of Europe.
The ongoing uncertainty about the preservation of access to the single European market is causing LMAX Exchange to seek Regulation in other EU-member states. The company also believes that larger banks, funds and investment managers will also make similar steps in order to mitigate the impact from Brexit.
LMAX Exchange is aiming to begin the process of applying for a license in Ireland in January 2017, provided that no assurances are received from the UK government.
Commenting on the matter, the CEO of LMAX Exchange, David Mercer, said: “The net effect to the economy could be severe with new foreign investment into financial services choosing the EU over the UK, and existing investment and jobs leaving the UK in short order. Furthermore, lost capital markets revenue and associated taxation income could be catastrophic for the UK.”
“We passionately believe the UK can remain the global hub of capital markets due to geography, history, regulatory framework, existing infrastructure and a highly skilled multi- disciplined workforce but sadly this will not be enough if regulatory equivalence is not maintained,” he elaborated.
The CEO of LMAX has actively urged the UK government to protect the interests of UK companies: “It is clear our European counterparts are opportunistically targeting the current UK capital markets franchise and it is vital we proactively address the regulatory passport issue immediately. We urge the government to make this top of their agenda as they consider the timeline to an exit from the single market and provide guidance to our industry as soon as is practicable.”
LMAX Exchange has become one of the first companies to openly state its position regarding the negotiating tactics of the UK government. A breadth of market access is key for LMAX Exchange: the company has clients in over 90 countries today, including 22 of the EU states and current operating presence in the US, Japan, Australia, New Zealand and Hong Kong. The risk of losing access to 25% of the company’s current client base with one signature is significant and one that LMAX Exchange is protecting against - in the absence of any government or regulatory assurance or guidance.
LMAX Exchange has just announced that the company will look for a regulatory license in Ireland, should the UK government fail to preserve single European Union market access for companies in the financial markets industry.
The FCA regulated multilateral trading facility (MTF) for foreign exchange trading has unveiled its plans to get a regulatory license in Ireland. since the UK government led by Theresa May has been steering towards a ‘hard Brexit’. Should access to the single market be revoked, financial services companies from the UK are planning to get regulated in an EU member country.
According to LMAX, London’s status as an FX center depends on preserving regulatory equivalence with the European Union. The London market is currently twice the size of the US market, with over 40 percent of the daily turnover in FX flowing through the highly developed infrastructure in the financial capital of Europe.
The ongoing uncertainty about the preservation of access to the single European market is causing LMAX Exchange to seek Regulation in other EU-member states. The company also believes that larger banks, funds and investment managers will also make similar steps in order to mitigate the impact from Brexit.
LMAX Exchange is aiming to begin the process of applying for a license in Ireland in January 2017, provided that no assurances are received from the UK government.
Commenting on the matter, the CEO of LMAX Exchange, David Mercer, said: “The net effect to the economy could be severe with new foreign investment into financial services choosing the EU over the UK, and existing investment and jobs leaving the UK in short order. Furthermore, lost capital markets revenue and associated taxation income could be catastrophic for the UK.”
“We passionately believe the UK can remain the global hub of capital markets due to geography, history, regulatory framework, existing infrastructure and a highly skilled multi- disciplined workforce but sadly this will not be enough if regulatory equivalence is not maintained,” he elaborated.
The CEO of LMAX has actively urged the UK government to protect the interests of UK companies: “It is clear our European counterparts are opportunistically targeting the current UK capital markets franchise and it is vital we proactively address the regulatory passport issue immediately. We urge the government to make this top of their agenda as they consider the timeline to an exit from the single market and provide guidance to our industry as soon as is practicable.”
LMAX Exchange has become one of the first companies to openly state its position regarding the negotiating tactics of the UK government. A breadth of market access is key for LMAX Exchange: the company has clients in over 90 countries today, including 22 of the EU states and current operating presence in the US, Japan, Australia, New Zealand and Hong Kong. The risk of losing access to 25% of the company’s current client base with one signature is significant and one that LMAX Exchange is protecting against - in the absence of any government or regulatory assurance or guidance.
Institutional FX Demand Continues to Climb in April
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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