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Abstract:Admirals, a leading FX brokerage firm, has recently announced a temporary halt on new client registrations across Europe. This pause, disclosed through a statement on the company's official website, comes as a response to compliance adjustments advised by the CySEC regulator.
Admirals, a leading FX brokerage firm, has recently announced a temporary halt on new client registrations across Europe. This pause, disclosed through a statement on the company's official website, comes as a response to compliance adjustments advised by the CySEC regulator.
The CEO and co-founder, Alexander Tsikhilov, underscored the importance of adaptability within the dynamic industry, narrating the necessity of flexibility and proactive management. He emphasized the ethical obligation to align with regulatory recommendations, ensuring a harmonious operational environment.
With a widespread presence in 18 nations via its subsidiaries, Admirals Group AS caters to clients spanning over 145 countries, underscoring its global footprint.
Earlier indications of Admirals' strategic manoeuvres included plans to merge with its Estonian arm, Admirals Markets AS, with completion slated for the first half of 2024. This merger entails the revocation of the subsidiary's investment license in Estonia, reflecting Admirals' overarching goal to fortify its international reach.
The UK segment, Admiral Markets UK Limited, unveiled lacklustre financial performance for the previous fiscal period. Notably, total revenue dipped marginally from £6.18 million to £6.04 million, while administrative expenses climbed to £6.15 million compared to £5.82 million a year prior. Consequently, Admirals' operating loss widened from £22,261 in 2021 to £290,778 in 2022.
Operating under the regulatory oversight of the Financial Conduct Authority (FCA), Admiral Markets UK Limited facilitates non-advisory trading services. Specializing in Contracts for Difference (CFDs) and specific securities, the firm operates on a matched principal model, offsetting client trades through Admiral Markets AS and garnering revenue primarily from commissions on trades executed.
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