Less regulated environments have long appealed to FX brokers seeking to offer clients higher leverage, creating a thriving licensing market in exotic locations such Vanuatu, the British Virgin Islands, Belize, Bermuda, Mauritius, the Cayman Islands and Seychelles.
Brokers looking to target Europe have in the past favoured Cyprus due to tax considerations and the availability of infrastructure and people with market knowledge. But the better-resourced brokerage firms now appear to be looking towards licensing in more expensive but also more lucrative markets such as the UK and Australia.
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