One of the first Pacific Rim FX brokerage firms to expand abroad.
As a correction to our previous story regarding Monex Japan, it was actually Monex Indonesia, another (unrelated) mid-sized Forex brokerage firm, which received its CySEC ‘CIF’ license to begin Forex trading operations out of Cyprus. (Our apologies to our friends at the Monex Group in Japan for the mix-up). We expect the newly licensed Monex Capital Markets CY Ltd to launch later this summer.
This is quite an interesting development, as we rarely see Asia / Pacific Rim FX brokerages look to expand their operations out of the region. Not surprising, given that the APAC region generally, by our analysis, has been the fastest growing FX market the past few years. We’ve seen Monex Japan acquire in the US market (TradeStation and IBFX). And recently leading Australian firm AxiTrader got licensed and began operations in the US, going against the trend. But not much else.
We’ll hopefully have more on Monex Indonesia and its plans for the Cyprus / EU business soon. Stay tuned to LeapRate…