Monex Europe, a specialist in commercial forex, has announced the establishment of a new office in Luxembourg to protect its European operations from the uncertainties with the looming expiry of the Brexit transition.
The European unit of Mexico-based Monex Group, not to be confused with the Japanese financial services namesake, is headquartered in London and already has branch offices in Madrid and Amsterdam.
Securing European Businesses
Now, the group has formed a new Luxembourg-based entity, Monex Europe S.A., bringing it closer to its European regulator as the company is operating in the continent with a license from Luxembourg’s Commission de Surveillance du Secteur Financier.
“To successfully respond to a post-Brexit environment, it was of the utmost importance for us to operate within the EU internal market to ensure that we can continue to meet all our customers’ needs,” Monex European Director and CEO, Nick Edgeley, commented on the development.
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“Luxembourg is known as a gateway to the single market, and we are very pleased to have been licensed by the Commission de Surveillance du Secteur Financier to operate as an authorized payment service provider. Monex Europe S.A. also ensures a smooth transition of the services and products of Monex customers to a post-Brexit environment. In addition, it fits well with our growth strategy.”
Monex Group is a major commercial FX provider with operations in Europe, North America and Asia. All its entities together have more than 70,200 clients, having executed 6 million forex transactions last year.
“Monex is celebrating its 35th anniversary in the financial sector and during this period has pursued an ambitious plan for global expansion that today enables it to offer high-quality international payment services,” Héctor Lagos, Chairman and CEO at Monex Group, said.
“We are confident that the opening of our office in Luxembourg will broaden the scope of our services in this important region for our company.”