US-based True Trade Holdings said on Monday it has launched a London-based forex brokerage unit, True Trade Ltd., licensed and regulated by the UK Financial Conduct Authority (FCA). The company is expected to commence operations in 2017.
The broker was registered on 24 November, 2015, but obtained FCA license on 22 November, 2016, according to regulatory data.
True Trade will offer forex and contracts for difference (CFDs) trading services, as well as it own trading technology. No further details were provided.
“We are very pleased to be granted our license by the Financial Conduct Authority. As a team this has been an important milestone in the build up to our launch in 2017,” Klaus Buhl, True Trade CEO, said. “We have been working tirelessly behind the scenes on developing our proprietary technology, securing our FCA license and recruiting a first class team to deliver our vision both to the market and for our investors. We are very ambitious about our business; we believe our proposition is so unique and disruptive that it will really resonate with clients,” he added.
True Trade will be headed by a team of industry veterans. Buhl, CEO of the company, has served senior positions in Saxo Bank and Gain Capital both within Europe and Asia Pacific. Ashraf Agha, COO of True Trade, has previously held multiple senior and board positions in Marex Spectron, CFH, and Saxo Bank, and Paul Cassidy who takes on CMO position at True Trade has previously headed the marketing departments of CitiFX Margin Trading and City Index.
The UK is the world’s largest forex hub, accounting for some 37% of the world’s forex trading volumes. An FCA license grants access to the rest of the markets in the European Economic Area (EEA), or at least for now. The country decided earlier in 2016 via a referendum to leave the EU and it is not certain whether it would retain single market passporting rights.