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Screenshot of a breaking news alert e-mail from Q2 2017
Focus to be on assisted and automated trading for retail clients.
Australia’s financial regulator ASIC has granted a license to newly-formed FX and CFDs brokerage Intelligent Financial Markets (or “IFM”). IFM is beginning operations this month as an ECN / STP broker, with a focus on assisted trading and expert-driven automated trading, all using its own internally-developed proprietary systems.
IFM’s founding management team includes Paul Tsangaris (CEO), who hails from both the marketing and research sides of the industry, and Reuben Stern (COO), who spent the past five years at leading global firm AvaFX, most recently as Director of International Sales and Operations.
IFM is using AxiTrader as a counterparty for clearing. AxiTrader is Australia’s largest FX and CFDs firm, and is a member of LeapRate’s Approved List of global FX brokerage firms.
The growth of the Australian FX and CFDs market has seen the emergence of several domestic firms such as AxiTrader, Pepperstone and IC Markets, as well as several leading global firms opening offices in Australia, such as AvaFX, FxPro and Saxo Bank. However not everyone is doing well down under. UK-based IG Group saw a 14% drop in revenues and 12% drop in number of trading clients in Australia in its most recent six-month period. And we understand that several of IG Group’s UK rivals, including CMC Markets and City Index, have been scaling back and laying off staff in Australia.