Multi-regulated FX broker, Pepperstone has kicked off its operations in Germany, barely four months after it has received a financial services license from the nation’s regulator, BaFin.
Called ‘Pepperstone GmbH,’ the new subsidiary secured its BaFin approvals in August and will have a particular focus on the DACH countries, including Austria.
Beyond strengthening its position in its homeland, Pepperstone has been actively growing abroad. Most recently, the Australia-headquartered company has secured financial services licenses in Dubai and Cyprus and has also made its entry into the Kenyan forex trading market, which coincides with Pepperstone’s 10th year of operations.
“We’re entering the sophisticated markets of Germany and Austria to offer our clients what they are looking for: Best execution and pricing in combination with an outstanding service to help our clients to master their trade. We have a particularly experienced team here in Germany, and are united with the group’s genuine commitment to helping our clients on their trading journeys,” said Tobias Reichert, General Manager of Pepperstone GmbH.
The move to expand its regulatory profile and geographic reach also comes as Pepperstone and other brokerage platforms are establishing new European bases ahead of the UK’s departure from the bloc.
The upcoming Brexit is likely to cause substantial changes in Europe’s regulatory environment, particularly the restrictions that will be placed on FCA regulated firms to passport into Europe
The current transition deal allows cross-border financial services to continue uninterrupted only until the end of 2020. But, after UK leaders fail to have their divorce settlement passed, this would leave EU customers cut off from the UK-based market operators if no contingency measures are set in place.
“Thanks to our team in Germany, Pepperstone can establish even closer ties with our clients in the German-speaking world. Germany is one of the most exciting European countries, and we look forward to bringing our expertise and technology to the local investors,” said Tamas Szabo, Group CEO of Pepperstone.