LeapRate Exclusive… LeapRate has learned that Forex brokerage solutions provider MahiFX has received its FCA license in the UK as a matched principal broker.
The license was officially granted to MahiFX on March 16, 2017.
MahiFX is also licensed by ASIC in Australia and the FMA in New Zealand (holding a Derivatives Dealer license, something that the FMA is now requiring of all Forex brokers serving the country).
MahiFX began life as a retail forex broker in 2010, offering trading on its own proprietary MFX Trade platform, as well as MT4. In 2014 the company switched to focus mainly on providing technology and services to forex brokers, helping eFX businesses to reduce costs, manage risk, and analyse their operations in fine detail, with a success-based business model.
Aside from selling its MFX Trade platform to other brokers, MahiFX introduced MFX Compass in 2014, providing institutional clients with tools to quickly and seamlessly establish a robust eFX business complete with pricing, technology, analytics and support.
In 2016 the company added MFX Vector, a platform that gives complete transparency on live orders, fills and LPs, rate formation and passive execution for the active FX trading community.
We understand that the new FCA license will enable MahiFX to expand its institutional FX footprint among FCA licensed brokers. David Cooney, Co-founder and CEO of MahiFX said to LeapRate:
We are providing services to a range of FCA regulated brokers, and as a technology provider we thought it was important to comply with the same standards as them. Authorisation from the FCA also reinforces our status as a business that prioritises integrity, honesty and security. We hope that our new membership demonstrates this to both present and future clients.
MahiFX Compliance and Finance Manager Nicole Vivian also commented to LeapRate,
MahiFX is proud to be regulated in the United Kingdom, Australia and New Zealand. As a regulated entity, MahiFX is required to meet strict financial standards, including capital adequacy requirements. On a regular basis, MahiFX is required to submit financial reports to regulators and must meet the highest standards of corporate governance, financial reporting and disclosure.