Cyprus crisis — What crisis??? FX brokers continue to look to operate out of Cyprus.
[Correction dated May 1, 2013. As per our updated article, it was not Monex of Japan, but rather Monex of Indonesia — an unrelated retail FX broker — which received CySEC licensing. To see the corrected article click here].
LeapRate Exclusive…. Despite having some of the world’s largest retail FX brokers, Japan rarely sees one of its own look to expand out of their lucrative home market. But not Monex. LeapRate has learned that a newly formed Monex subsidiary, Monex Capital Markets CY Ltd, has just received a CySEC CIF license, and will soon launch an EU-focused business out of the country.
Monex is one of the few Japan FX brokers to have a specific strategy outside the country, and certainly outside the Asia-Pacific region. As we have reported before, Monex acquired two leading US-based online trading companies in 2011 — TradeStation and IBFX.
Although Monex’s CySEC license application was well underway before the Cyprus crisis hit, we believe that this is another positive sign that the Cyprus Forex industry will not just survive the crisis, but that the island will continue to be a leading retail FX center. The recent move by CySEC and the Cypriot government to allow FX brokers to avoid the “haircut” certainly also helps in this direction.
For more on the global Forex industry see the LeapRate-Dow Jones Forex Industry Report.