Blackwell Global Investments (UK) Limited, the UK based broker which offer trade-in Fx and CFDs on the award-winning MT4 trading platform has successfully upgraded its FCA license to a full-scope “IFPRU €730k”. The new upgraded license became effective from August 1st.
The previous “125K license” was received in early 2016 as a matched principal broker. To support the new upgraded licence, it required additional capital support and was provided by its global parent company. Over the past three months, the parent company injected capital to the tune of about £1.2 million (about USD $1.5 million).
The company in its statement said that the variation of permission to the highest license level issued by FCA. The upgraded license requires Blackwell Global UK adhere to good corporate governance, stringent risk control measures and improved liquidity levels. Apart from FCA regulations, Blackwell Global UK also complies with regulatory rules by European Securities and Markets Authority’s (ESMA) and Markets in Financial Instruments Directive (MiFID).
Patrick Latchford, Chief Executive of Blackwell Global UK, commented to LeapRate:
“Given the imposition of the new ESMA regulations, especially in relation to negative balance protection, the timing was right to gain the full licence and continue to grow the business. Blackwell Global supports the FCA’s efforts to properly account for market risk and its encouragement of brokers to move away from the matched principal model.”
As per the company, the license upgrade is a part of Blackwell Global’s strategic development plan as the group wants to continue growing its presence in Europe to complement its strong business presence in Asia. Blackwell Global is founded and controlled by Taiwanese businessman Kaw-Sing (Michael) Chai. Since its establishment in 2010, the group has mainly focused on developing Retail Fx for Chinese and Far East clients. Only in recent times, it has started growing its business in European regions. It has also started offering crypto trading services and offers 15 different crypto pairs.