FX news: Change at Alpari
Alpari is undergoing a certain amount of change at the moment as a business closes, another opens and it takes a whole new approach to marketing in the US.
Japanese clients were dealt a blow when Alpari announced the closure of the Japanese office, noting: “We would like to inform you that Alpari (UK) has taken the decision to withdraw from the Japanese market and will no longer provide a trading service for residents of Japan. We can assure you that this decision has not been taken lightly, and has resulted from regulatory and commercial considerations.”
The Japanese FX market is notoriously hard to crack. As one head of trading at a top retail broker told the WeeklyFiX: “It’s very difficult to open under your own name in Japan. Japanese clients are fiercely loyal to the local shops, which is why foreign brokers usually do a joint venture or buy one as we did.”
Daniel Skowronski, global chief commercial officer at Alpari, told theWeeklyFiX in August that Asia was a primary target. “Alpari really hasn’t touched the Asian market yet, especially in Japan and Southeast Asia,” he said. “I have strong expertise in Asia and this was an area I knew I could make an immediate impact.