Blackwell Global UK Upgrades its FCA License to a full-scope IFPRU €730k, To Support Expansion in European Regions - The Industry Spread

Karthik Subramanian

Karthik Subramanian has been a professional trader and fund manager over the last 18 years. He is basically a software developer who made the transition to financial domain around 18 years back as the attractiveness of the financial markets proved too much for him. He lives in Chennai in India along with his wife and son. He began his career as a software developer in 1999 and then gradually moved into the financial industry as he began trading stocks in his pastime. He then moved into the financial markets full time and then shifted his focus to the FX markets due to the liquid nature of these markets. Since then, he has been trading FX diligently and his favourite pair are the EURUSD and EURJPY. Over the last couple of years, he has found blockchain to be of high interest and considering his background in software and finance, he has since assembled a team of highly talented developers who have since worked on a variety of projects like crypto exchanges and blockchain architecturing. Now, he balances his time between trading and commenting on both the FX and crypto markets. He has worked with many publications including FX Street and Finance Magnates, which has helped him gain experience and also recognition across the industry. He loves to write and this passion has helped him to reach out across the FX and crypto industry. Right now, he works on his pet projects in the FX and crypto industry and spends his time writing and managing his blockchain team and helping it to reach higher.

Blackwell Global

Blackwell Global UK Upgrades its FCA License to a full-scope IFPRU €730k, To Support Expansion in European Regions

August 10, 2018
Patrick Latchford, Chief Executive of Blackwell Global UK
Patrick Latchford, Chief Executive of Blackwell Global UK

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.

 

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