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Boutique Wealth Manager EXANTE Secures FCA License, Launches in UK

Started by forex4you, Jan 24, 2023, 07:49 am

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Boutique Wealth Manager EXANTE Secures FCA License, Launches in UK

<p>EXANTE, a Cyprus-based boutique wealth management platform, has secured a
regulatory license from the UK Financial Conduct Authority (FCA) and  has
officially launched its services in the country. The boutique brokerage
disclosed the developments in a statement shared with Finance Magnates.</p><p>EXANTE, which offers access to over 50 global markets to professional traders, asset and wealth managers, banks and other financial institutions,
noted that it is launching in the UK at a time when several large corporations are
departing the country in the aftermath of <a href="" class="terms__secondary-term" id="0d53a9a8-2500-4d0e-a2bd-41c7ceaf31d1" target="_blank">Brexit</a>. </p><p>However, with the new FCA license, which is an addition to the company's
existing operating European Union and Hong Kong licenses, EXANTE says it hopes
to make London its headquarters while capitalizing on the growth opportunities in the country.</p><p>Watch this recent FMLS22 on the latest in retail and institutional trading.</p><p>EXANTE's UK license comes only weeks after the FCA <a href="" target="_blank" rel="follow">warned CEOs of wholesale brokers in
London</a> of "systemic defaults" that may not be resilient towards sudden market
shocks and long periods of market stress. A month earlier, the financial
watchdog sent a similar letter to CEOs of London-based CFDs brokers, <a href="" target="_blank" rel="follow">warning against "poor practices"</a> in the retail
industry. </p><p>FCA Grants, Revokes Licenses in December</p><p>In the past month, while the FCA granted licenses to a number of businesses
seeking to operate in the UK, it revoked those of other firms. CXM Prime, a London-based forex and CFD broker, in late December announced that it has been
authorized by the FCA to offer its brokerage services in the country. The
broker, which is a part of the CXM Group of Companies, <a href="" target="_blank" rel="follow">hired Muinmos ApS' Ashraf Sleiman Agha</a> as its CEO. Additionally, MoonPay,
a crypto payments solution provider, <a href="" target="_blank" rel="follow">also gained</a> its UK registration
around the same time.</p><p>Still, in December, the UK subsidiary of <a href="" class="terms__main-term" id="a832c760-2f0a-4b1d-9d06-3c2449c7146c" target="_blank">prime broker</a> <a href="" target="_blank" rel="follow">Hidden Road emerged as the first firm</a> to secure both the
digital asset and investment firm licenses of the FCA. The company said it plans to offer derivatives and
spot trading activities for both crypto and fiat currency markets.</p><p>In a contrary development, the license of the UK subsidiary of Union Standard International
Group <a href="" target="_blank" rel="follow">was withdrawn on December 16</a>. However, it remains
unclear if the company voluntarily renounced the license or if the FCA initiated the first step. </p><p>Furthermore, the UK regulator <a href="" target="_blank" rel="follow">revoked the Temporary Permissions Regime
(TPR) approval</a> it granted to Paris-headquartered Lyonnaise de Banque. The action became the FCA's first TPR
cancellation related to failure to timely apply for authorization.</p>

This article was written by Solomon Oladipupo at

Source: Boutique Wealth Manager EXANTE Secures FCA License, Launches in UK
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