LeapRate's Daily Forex Industry Newsletter
Join now to receive first access to our EXCLUSIVE reports and updates.
Screenshot of a breaking news alert e-mail from Q2 2017
LeapRate Exclusive… LeapRate has learned via regulatory filings that Cyprus-based retail forex broker Exness has made an application to the UK financial regulator FCA to increase the scope of its FCA-licensed arm, Exness Europe Limited (Exness UK).
Exness received its initial FCA license in September of last year, which LeapRate discussed at the time with Exness CEO Petr Valov. However the initial license was an ‘IFPRU €125K’ license, which limited Exness UK to matched principal transactions. Exness indicated in its latest filings that it has now applied to expand the license to ‘IFPRU €730K’, which would allow the company to take on account positions as a principal firm without the matched limitation.
Exness indicated that, assuming regulatory approval is received, Exness UK will begin operation no later than September 2017.
The plan, as per our aforementioned interview with Mr. Valov, is to use Exness UK to expand retail business in Europe, as well as provide institutional FX and liquidity services off of Exness’ large existing global volume base. Exness has grown to become one of the world’s leading retail forex brokers by volume traded, averaging $267 billion monthly in the first four months of 2017.
The company indicated that, since making its initial application to the FCA in late 2015, it has spent a total of about £500,000 in setting up Exness UK, beyond the capital invested in the business.
Exness hired experienced FX industry veteran David Morris as CEO of Exness UK.