FxPro agrees to transfer Cyprus client book to Capital.com

Online financial markets publication Finance Magnates has reported that FxPro has agreed to sell its Cyprus entity’s client book to Capital.com, with the transaction awaiting approval from the Cyprus Securities and Exchange Commission (CySEC). According to the reporting, the move forms part of FxPro’s strategy to align its business structure with its longer-term growth plans, with the group indicating that its Cyprus operations account for a relatively small part of its overall business. Peter Aust, chief operating officer of FxPro, told the publication that the group’s expansion in recent years had been driven predominantly by markets outside Europe, which have become its main growth engines. The group, he explained, intends to concentrate investment, resources and innovation on those international markets, while maintaining its existing ownership, leadership and broader strategy. FxPro received its Cyprus Investment Firm licence in 2007 and also holds licences from regulators in the United Kingdom, the Bahamas and the Seychelles. Aust further stated that the planned transfer reflected a decision to streamline parts of the business that no longer matched its growth profile, rather than a wider retreat from the market. The company will retain its UK Financial Conduct Authority licence and headquarters in the City of London, underlining its continued commitment to the British financial centre. Capital.com, meanwhile, said the transfer would be limited to clients who meet its onboarding and risk requirements. Those clients will be assessed under Capital.com’s own client categorisation, appropriateness, target market and know-your-customer procedures. The proposed transaction follows Capital.com’s September launch of direct investment in stocks and exchange-traded funds across European markets, broadening its offering beyond short-term trading. The platform offers more than 2,280 stocks and ETFs across US and European markets, with commission-free investing available to eligible clients in nearly all European Economic Area markets. Capital.com plans to extend the service to other markets, including the United Kingdom and the United Arab Emirates, in the coming months.