EU forex broker Exness announced on Friday its UK arm has acquired “IFPRU €730k” forex broker license by the UK’s Financial Conduct Authority (FCA). The upgrade to the full scope FCA license means the company can now trade with its clients as principal.
The full principal FCA license, also known as “IFPRU €730k” license, obliges the company to hold a minimum of €730 000 net tangible assets and to maintain it. The ‘IFPRU €125K’ license, on the other hand, as its name suggests, has a lower capital adequacy requirement, but Companies holding such licenses are not authorized to deal for own account in, or underwrite issues of, financial instruments on a firm commitment basis.
We remind you that Exness UK got its initial ‘IFPRU €125K’ license by FCA in September 2016. Having now acquired its full scope “IFPRU €730k” license, the UK broker is set to become fully operational in the coming months and expand its global reach.
David Morris, CEO of Exness UK said: “This is an important step in the development of the UK arm of the Exness Group. The upgraded license will afford the company greater flexibility in its business model and will further increase transparency in pricing and execution for its clients.”
Exness was set up in 2008 and has grown to become a global forex broker. It offers trading in more than 120 currency pairs via Mini, Classic and ECN accounts, using the MetaTrader 4 (MT4) and MetaTrader 5 (MT5) trading platforms. The EXNESS group consists of several companies: Cyprus-based EXNESS (CY) Ltd., regulated by CySEC, Exness Europe Limited, licensed by the FCA, and EXNESS LTD., an International business company in Saint Vincent and the Grenadines.