FP Markets to Migrate Chinese Clients to Offshore Jurisdiction

​Fazzaco Exclusive.... Fazzaco has learned that Australian forex and contract for difference (CFD) trading provider First Prudential Markets Pty Ltd (FP Markets) today has notified its introducing brokers (IBs) in the Asia Pacific region that the company is stopping taking clients from China.

FP Markets is regulated by the Australian Securities & Investments Commission (ASIC) and the Cyprus Securities and Exchange Commission (CySEC). In 2019, the company registered FP Markets LLC in St Vincent and the Grenadines as its offshore branch.

According to the email sent to its IBs, FP Markets will no longer open new accounts for Chinese traders. In addition, its clients in China are required to close the current open positions on their accounts and withdraw account balances before 1 March 2021.

In its email, FP Markets also encourages IBs to migrate Chinese clients from its Australian entity to the offshore branch by ensuring that they will be offered with the same level of commission for the trading of clients in offshore jurisdiction as in ASIC's and CySEC's jurisdictions.