IC Markets Get CySEC Regulation
IC Markets, one of the leading Australian brokers by trading volume has recently launched operations in Limassol, Cyprus. The popular Forex and CFD broker has been around since 2007 and has been regulated by ASIC, the Australian regulator of financial markets since 2009. IC Markets received their licence from the Cypriot regulator in June 2018. The regulated entity established in Cyprus is called IC Markets (EU) Ltd.
IC Markets are yet to make an official announcement on the matter. This information was sourced from the public information on CySEC’s website. A visit to the company’s EU website which has the top level domain .eu states “IC Markets (EU) does not offer services yet due to Regulatory limitations. Stay Tuned for Updates.” This indicates that IC Markets is not ready to start working with their CySEC license. This is probably why no announcement was made.
Due to the recent leverage restrictions imposed by ESMA and enforced by all competent authorities across Europe, the licence comes at an interesting time. It would be safe to assume that the application was created before ESMA announced their plans to shred the amount of leverage brokers can offer to retail traders.
CySEC is an acronym of Cyprus Securities Exchange Commission. They are the competent authority that watches over the financial markets firms based in Cyprus. Cyprus has traditionally been a popular choice for retail brokers to establish their operations for a number of reasons. Those reasons are typically the much lower barrier of entry in terms of capital requirements.