Cyprus based Forex Broker FxPro opens its UK subsidiary for business and launches it with the agency model – no dealing desk.
FxPro UK uses more than 10 liquidity providers to provide the prices to the clients, without intervening in the prices and no conflict of interest between the broker and the client. This isn’t a common model in the forex market – most brokers are market makers.
Here are more details from the official press release:
London, 25th June 2012: FxPro Financial Services Ltd (FxPro), a leading FX broker today announced a major development in its global business– FxPro UK Ltd is now open for business and will be operating an agency model.
FxPro UK Ltd’s clients will benefit from a true no-dealing desk execution environment.
FxPro UK Ltd streams and aggregates quotes from leading banks, including Deutsche Bank, UBS, and Morgan Stanley, and passes them on to clients directly to ensure they always receive the most competitive pricing.
By sending orders to the best bid/ask price on offer from their pool of more than 10 liquidity providers and only charging a mark-up on the spread or a fully transparent commission, FxPro’s interests are fully aligned with those of their clients.
In addition, under the global umbrella of services offered by FxPro, clients now have the option of opening an account directly with one of three separately regulated companies – including the London-based FxPro UK Ltd, regulated by the Financial Services Authority (FSA).
FxPro has made a concerted effort over the last few years to make transparency not just a cornerstone of its business model but to encourage it in the wider FX industry. It is now authorised by the FSA, ASIC, and CySEC and despite being a private company it publishes its quarterly operational metrics online. It is also a member of the Securities Houses Compliance Officers Group (SHCOG).
Following closely on the heels of the opening of FxPro’s Australian office last year, the expansion of services by FxPro UK Ltd and the move to its agency model is another milestone in FxPro’s progress towards becoming the world’s preferred FX broker.
Denis Sukhotin, founder of FxPro commented: “FxPro is delighted to announce the opening of FxPro UK Ltd and its regulatory approval to operate its agency model. Following on from the successful launch last year of our cTrader ECN platform with its ‘no dealing desk execution’ we are now taking another giant step in aligning our interests with that of our clients through a full transition to an agency model on all our platforms. By removing any potential conflict between the interests of the customer and those of the dealing desk broker we believe we can offer retail FX customers a more transparent pricing and execution service. As retail FX clients have become more sophisticated and experienced, we believe that the demand for a transparent and trusted execution model has become the major driver in the industry.”