MahiFX has announced its intention to sell its Financial Conduct Authority, Australian Securities and Investment Commission and New Zealand Financial Markets Authority licences.
The move signals an what the firm says is an “important strategic change” as it pivots away from providing retail FX brokerage services towards what it says is “core competency as a B2B technology provider to banks and brokers”.
David Cooney, co-founder and CEO of MahiFX, says, “The retail space is experiencing many of the challenges that the institutional space has been faced with for years. With spread compression and retail customers becoming more sophisticated, it is now imperative to have high performing analytics, greater control and differentiation of pricing, which is precisely what our technology does.
“It is our intention to focus on assisting our clients to enhance yield, decrease risk and ensure liquidity providers also benefit from cleaner flow,” he continues. “The operation of our retail FX business potentially conflicts with this strategy and diverts our attention from this core expertise. We are firmly committed to ensuring our retail FX customers enjoy a smooth transition to the new owner and MahiFX staff will be providing transitional support.”