IBFX Holdings, parent company of US broker Interbank FX, has announced that they are opening an Australian subsidiary in Sydney.
IBFX Australia has been granted full licensing by the Australian Securities and Investment Commission. It will offer FX services for both retail and institutional customers from September 1.
With the Dodd-Frank reform bill pushing trade onto exchanges and clearing houses, US-based brokers have an uncertain future unless they are able to build a strong business offshore. Perhaps IBFX took their cue from someone else we wrote about: FXCM bought up the UK and European arm of ODLback in May this year.
Todd Crosland, chairman and president of IBFX Holdings, says: “I am eager and confident as we launch our Australian offering, furthering our global expansion.
“We bring with us to Australia our transparent business model and focus on customer care, something we feel sets us apart from competitors. As always, we find it vital to provide the best possible trading experience for our customers. That’s how we want do business. That’s our culture. That’s our technology.”