Vipro Markets, a forex broker licensed in Cyprus, said on Tuesday it has registered with several EU regulatory bodies. The move will enable the broker to expand its presence in the EU markets.
The broker has registered with UK’s Financial Conduct Authority (FCA), Germany’s Federal Financial Supervisory Authority (BaFin), Italy’s Commissione Nazionale per le Societa e la Borsa (CONSOB), France’s Autorite de Controle Prudentiel et de Resolution (ACPR), and Spain’s Comision Nacional del Mercado de Valores (CNMV).
As a holder of a license by the Cyprus Securities and Exchange Commission (CySEC), Vipro Markets is in line with the EU Markets in Financial Instruments Directive (MiFID). Once a broker is licensed in a EU country, it gains access to the markets in all countries of the European Economic Area (EEA). A MiFID forex broker can lawfully open offices, target clients in, and provide financial services in all member states without having to obtain additional license. In most countries, however, they need to be registered with the local regulatory body. Although registered with a number of authorities, such brokers fall under the regulation of a single authority, in this case the CySEC.
“Vipro Markets is honored to have received the cross-border approvals from such globally recognized EU financial market regulators,” Vipro CEO Valerijus Ovsianikas said. “I believe we have much to offer sophisticated retail traders who are sensitive to execution quality, pricing and the security of funds,” he added.
Cyprus-headquartered Vipo Markets is an electronic communication network (ECN) broker,operating under a full straight through processing (STP) and no dealing desk (NDD) business model. It offers trading in forex and contracts for difference (CFDs), commodities, stocks indices, energies, and metals.
The broker is present in 249 countries worldwide, with a strong focus on the EU and the Asia-Pacific region, where it is represented by introducing brokers (IBs). Vipro Markets uses key trading servers located at Equinix LD4 data center in London and synchronized backup systems in New York.