Forex broker IBFX Australia ceases operations

Forex broker IBFX Australia ceases operations

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Forex broker IBFX Australia has decided to cease operations, according to a notice published on the broker’s website. It did not provide any details as to what motivated it to make this decision.

However, the move could be explained with the recent announcement of US-based forex brokerage Oanda regarding its plans to acquire the Australian broker’s clients. IBFX Australia

In late February, Oanda said it has entered into agreements to acquire all forex accounts of the US and Australian arms of IBFX. The value of the deals were not disclosed. The two arms of IBFX inform their clients at the time that they must close all positions until 1 March, 2016, as their accounts would be automatically transfered to Oanda on 4 March.

IBFX, aka TradeStation Forex, is a subsidiary of TradeStation Group, part of Japanese brokerage Monex Group (TYO:8698). IBFX Australia is regulated by the Australian Securities and Investments Commission (ASIC).

TradeStation Group is in charge of Monex group’s business in North America and Europe. It operates through its principal subsidiaries IBFX and TradeStation Securities, a licensed securities broker-dealer and a registered futures commission merchant.

Monex Group consists of a number of companies that provide financial services. It is headquartered in Japan, but operates thoruought Asia, North America and Europe.

Oanda, on the other hand, is based in the US and is regulated in the US, Singapore, Canada, the UK, Japan and Australia.

Source: IBFX Australia

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