The forex and CFD broker Oanda has signed deals for acquiring the clients of the US and Australian branches of IBFX – subsidiary of the broker-dealer and futures commission merchant TradeStation, reports the website Finance Magnates.
TradeStation, which is part of Japan’s Monex Group, would transfer the accounts of the 2000 US clients of IBFX to Oanda. According to the deal, the former IBFX clients would not have access to the TradeStation trading platform any longer. They could use Oanda’s fxTrade platform instead. Trading on their IBFX accounts will be suspended on March 4, at 12 PM Eastern Time and the pending orders and open positions will not be moved to Oanda’s platform.
The conditions of the deal about the Australian clients of IBFX are fairly similar. The deadline for transferring their accounts to the Australian branch of Oanda, Oanda Australia Pty. Ltd. is also March 4. The Australian IBFX clients will also lose their access to the TradeStation platform.
In notifications to their clients the US and Australian subsidiaries of IBFX inform them that they must close their positions until March 1, as the automatic transfer of their accounts to Oanda will happen on March 4, after the markets close. Those who do not want their accounts to be moved to Oanda, must also close their positions and file a notification and a withdrawal request to the support department. All pending orders on the IBFX accounts will be cancelled.
By selling off the IBFX accounts in the US and Australia, the Japanese Monex Group officially exits those two markets.
The US Oanda Corporation has broker subsidiaries in Canada, Europe, Asia Pacific, Australia and Japan, who are regulated by the Commodity Futures Trading Commission (CFTC), the Canadian regulators, UK’s FCA, the Monetary Authority of Singapore, the Australian Securities and Investments Commission (ASIC) and the Japanese financial regulator, respectively.
Oanda offers trading in forex, precious metals and CFDs on stock indexes, commodities and treasury bonds. It also offers financial spread betting to residents of the UK and Ireland. Trading can be carried out on the MetaTrader4 platform and Oanda’s propriety fxTrade platform.