MahiFX, which revealed that it was selling its retail foreign exchange (forex) trading operations yesterday, has managed to find a buyer for its United Kingdom operations – an institutional and retail FX broker, FXDD.
As FortuneZ reported yesterday, MahiFX Group is selling its retail FX trading businesses in the United Kingdom, Australia, and New Zealand, along with the licenses attached to them.
When FortuneZ reached out to MahiFX yesterday in response to the news it was selling its trading operations; a spokesperson did confirm that it already had buyers for its Financial Conduct Authority (FCA) and Australian Securities and Investments Commission (ASIC) licensed entities, with the sales expected to close in the upcoming weeks.
However, according to the FCA register, FXDD has been trading under MahiFX’s license since February 18, 2019. This suggests that FXDD is the buyer of its FCA-authorised brokerage.
FortuneZ reached out to confirm the details displayed on the FCA register. However, MahiFX was not willing to comment.
MahiFX is Refocusing its Attention on Technology
As reported yesterday, MahiFX made the decision to sell off its retail trading businesses in order to refocus its attention on its core competency, a business-to-business technology provider for banks, brokers and financial institutions.
The strategic decision from the company comes as the retail trading industry is becoming more sophisticated and more strictly regulated, particularly in Europe, therefore, demand for high-performing analytics, greater control and differentiation of pricing is growing.
According to the statement released yesterday, it is here, that the FX firm will be focusing its attention on. It will achieve this by continuing to create and provide institutional-level products that offer advanced solutions to all e-FX businesses.
Current products offered by MahiFX include its pricing and risk management engine MFX Compass, algorithmic execution command center MFX Vector and MFX Echo, a trade analysis, liquidity visualization, and price-explain tool.