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Screenshot of a breaking news alert e-mail from Q2 2017
TTCM Traders Trust Capital Markets Ltd has officially announced the acquisition of the clientele of Cypriot Forex broker Jiffix Markets Limited (JFX), with the transition of all accounts effective as of August 18, 2014. The website of JFX, which has been barely active for the past year, now redirects to the web page of Traders Trust where all of the clients of JFX can find detailed information about the transfer to the new company.
JFX assures traders that they will be able to continue on the same platform (Metatrader 4) and under the same conditions (account balances, spreads, stops, limits, etc.) with Traders Trust.
JFX had been operating its online trading business from Cyprus for more than three years, is incorporated in Cyprus and holds a license as a Cyprus Investment Firm (CIF).
No financial details about the deal, nor the reasons that led to it have been disclosed.
The Forex market has been marked by an M&A wave and it has obviously reached Cyprus. Over the past year we saw some pretty big deals in the Forex area, with the United States leading the way in this respect. It is interesting to see the first such event in the Cypriot market, where investment firms grapple with tighter regulations imposed by CySEC. Some brokers, like Mayzus and XM, chose to opt for licenses in other jurisdictions, while keeping their CIF status, while companies like Liquid Markets ditched their Cypriot license and chose other European regulatory regimes.
Jiffix Markets Limited (JFX) was established by a team of professionals in the Forex industry in 2011, with Marco Murgida – former director at Credit Suisse, taking the role of the broker’s chief executive. In 2012, JFX got some extra capital support from Charles-Henri Sabet and The Rowland Family. The company parted ways with Murgida in the spring of 2013.