FxPro UK Ltd can now hold client money and act as principal.
FxPro, one of Europe's largest retail FX firms (and a member of LeapRate's Approved List of global Forex firms), announced that they have expanded their UK operations, including the upgrading of their UK FSA license.
Previously, FxPro UK was licensed only as an introducing broker to its parent company, based in Cyprus. As part of this introducing service FxPro UK still had conducted full identification and anti-money laundering checks, however the clients traded with the Cyprus parent company, FxPro Financial Services Ltd.
The extended license allows FxPro UK to hold client money and act as principal on all its clients trades. Therefore all clients who choose to register with FxPro UK will have the UK Company as the counterparty to their trades, with all the required support services located in the UK, together with receiving the protection afforded by FSA regulation.
FxPro also recently expanded in the Far East, opening an office late last year in Australia and receiving ASIC licensing.
For more on the global FX market see the LeapRate-Dow Jones Forex Industry Report.