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
IKON MultiBank Group, an online forex trading service provider regulated by the Financial Conduct Authority UK and Australian Securities & Investments Commission announced today restructuring under a new trademark name of MultiBank Exchange Group (MEX Group), with a new holding company based in California, USA.
As part of the restructuring, MultiBank Exchange Group also announced today the establishment of a new aggregated platform engine, which will commence its operations on Monday 18th July 2016 under the name MultiBank Exchange.
At the heart of the MultiBank Exchange is an advanced price matching engine, offering clients the ability to trade currencies with greater liquidity, speed, reliability, transparency and the highest level of market depth so as to form a complete exchange trading platform serving individuals, brokers, financial institutions and banks, which shall also involve client to client technology.
The Board of MultiBank Exchange Group says it has decided to undertake this step in support of the new global code of conduct in the FX markets which was decided by a panel of 21 central banks worldwide on 23rd May 2016.
In addition, MEX Group CEO Mr. Naser Taher announced that the newly restructured Group has amalgamated its asset portfolio with 100% of the shares and assets of IKON MultiBank Group, an online financial services group with assets in China, Hong Kong, UAE, Australia, as well as the Datong brand name, a financial brand in China.
Under this restructuring, the MultiBank Exchange Group will comprise of numerous companies, which are regulated by some of the strictest regulatory bodies worldwide, including the FCA in the UK and the ASIC in Australia, with over 180,000 customers in more than 90 countries trading in excess of $3.2 billion in volume daily, having net capitalized assets in excess of $320 million, becoming one of the largest global online financial brokerage providers, operating exclusively under a new management team and corporate body headed by Mr. Taher.
Mr. Taher, Chairman of MultiBank Exchange Group, issued the following statement:
“It is with great delight that we announce today the launch of our cutting edge electronic exchange, which will be a momentous milestone in our proud history since our establishment in 2005. The fully transparent and electronic non-dealing desk exchange is the cornerstone of the strategic global realignment of MultiBank Exchange Group which today is fully realized and places our group of companies as a fully independent, exclusive, transparent and industry leading global group of companies with the aim of achieving an IPO within 3 years.
The establishment of the electronic exchange and the recent amalgamation of substantial assets in China, Hong Kong, the UAE and Australia advances our long term commitment to our loyal customer base by combining the assets and resources of MultiBank Exchange Group, with a paid up capital of over $320 million, to deliver our customers high quality execution and tight pricing with direct transparent access across global exchanges, banks and ECNs.”