Ireland-based Forex brokerage firm AvaFX (a member of LeapRate’s Approved List of Forex firms) announced that they have opened an office in Sydney, Australia, after receiving ASIC regulation for their Australian subsidiary. Click here for the full press release.
AvaFX has been very active building its footprint outside of Europe, with the acquisition of non-EU (i.e. Asian) assets last year from Finotec, and the acquisition of Japanese Forex firm Art Co.
It seems as though Australia is becoming a central hub for Forex firms for further expansion in the Far East. Although Australia still has more lenient rules than Singapore and Hong Kong when it comes to oversight of Forex firms, ASIC is viewed as a strong financial regulator and Australia is viewed as a very friendly and credible place to do business. Another major EU-based firm, FxPro also recently received ASIC regulation and is expanding their Asian base there. Other Forex firms licensed in Australia include Saxo Bank, IG Group and FXCM.