Admiral Markets, a forex brokerage regulated in the UK and Estonia, and its Belize-based unit MTrading said on Wednesday they have both emerged from the Brexit-related market volatility without any negative impact on their financials.
The brokers both said in separate notices that they had no trading emergencies prior and after the UK referendum and that their negative balance protection policies covered clients who did not correctly follow good risk management and market analysis practices.
The UK has voted on Thursday out of the European Union (Brexit), causing markets to experience deep volatility and the British pound (GBP) to fall sharply on the Euro (EUR) to its lowest in more than 30 years. Nearly a week after the voting took place, the GBP is still volatile, although not as deeply as within the first couple of days.
Both Admiral Markets and MTrading imposed temporary trading conditions on select instruments for the week when the referendum took place. The brokers noted that they have waived all temporary trading conditions and returned to their usual conditions.
Some forex brokers also announced on Monday that they remained strong and unaffected by the deep market volatility related to Brexit. Such are AxiTrader, Capital Index and FXPrimus. Meanwhile, Plus500 said it saw record-high number of sign-ups and new customers in a single day after the Brexit vote, as well as record spread revenue, and Gain Capital’s institutional forex unit GTX reached on Friday a record daily trading volume of $24.2 billion.
Admital Markets is a collective brand of Admiral Markets UK, which is based and regulated in the UK, and its Australian sister company Admiral Markets Pty. Both brokers are units of Estonia-based Admiral Markets AS, part of the holding company Admiral Markets Group, which also includes Cyprus-regulated Admiralex.
MTrading is a brand of brokerage ServiceCom, which holds a license by the Belize International Financial Services Commission (IFSC).
The brokers offers trading in a wide range of instruments, including forex, commodities, indices, shares, bonds.
Source: Admiral Markets/ MTrading