Sydney headquartered forex and CFD broker First Prudential Markets has made an announcement stating that its Cyprus unit will be lead by Amy Peppers. The firm obtained its license from Cyprus Securities and Exchange Commission back in March 2019 but has begun fully-fledged operations just recently. Amy has served the entirety of her decade long career in the forex sector. Prior to her current role at First Prudential Market, she served in another Sydney based forex broker IC Markets for nearly 3 years from their Cyprus office in the capacity of head of customer support and operations. Before her tenure at IC markets, she served as Customer Support Supervisor for FX Pro Financial Services – multi-asset online trading service provider for nearly 7 years and 10 months.
Amy’s appointment as head of the Cyprus business unit comes at a crucial time when the forex market scape in the European market is changing drastically. Increasing competition and tightening regulatory measures are constricting activity in the European market. However, that hasn’t stopped a number of Australia based financial service providers from migrating to European markets. As Australian watchdog tightened regulatory processes and made it mandatory for firms to declare personal details of its offshore clients, Australia based firms are migrating their clients to offshore subsidiaries. Also, the firm’s move to open a branch at Cyprus with a CySEC license is aimed at boosting its client base in the European market as well. Aside from declaring client details, regulatory woes in Australia stems from the latest move by the watchdog to shutdown arbitrage trading practices and activities in Australia.
However, the watchdog’s stance on retail brokerage industry in still liberal compared to EU counterpart. This provides traders with a way around bottleneck making it an attractive option to sign up in Australia headquartered firms. While the expansion plans do come with increasing capital expenditure, holding an EU license and the firm’s capacity to spend more on capital expense compared to EU counterpart gives them an edge in increasing their market share and client base with more attractive opportunities. Commenting on her new role at the firm, Amy Pepper stated, “FP Markets has been in business for over 15 years and has a great reputation amongst traders, both in the retail FX and equities communities. Investing heavily in infrastructure, bespoke technologies and user experience have resulted in staggering growth over the last quarter. I am super excited to join the team and be part of the next chapter of FP”.
Please feel free to share your thoughts with us in the comments below.