The deal is still subject to regulatory approval but will see the broker firm acquire, One Financial Market which is also a broker of FX and CFD’s, through cash-based transactions.
AxiCorp reiterated that the deal was not connected to the recent change of rules and regulations that were implemented by the European Securities and Market Authorities. The change of rules affected among other things, the clampdown on leverage trading.
According to the firm, the deal for the struggle to acquire the OFM has been in the offing for quite a while. The representatives of both parties have been in talks for a little over 12 months. Though the talk has progressed and reached an understanding, regulations are still stalling the final inking.
The acquisition will have the broker take over all the structure, staff and other basic logistics belonging to OFM.
Though AxiCorp has the will to grow into a global brand, it came to reality in 2016, after the appointment of its new CEO Rajesh Yohanan, who has been pushing the company towards its expansionist drive.
The brokerage received some level of strategic investment from RGT Capital, an Australian private firm, which gave the broker the willpower to pursue its dream of expansion.
The CEO in a statement said that the company has paid its dues in full and has laid the foundation for global growth in recent years, and their drive for expansion is borne out of their desire to grow and reach a wider audience in delivering seamless service, in all of its transactions.
The acquisition of OFM is a welcome development, as the firm tries to leave its comfort zone and crash into the European market, where it can adequately, spreading its wing and expanding its horizon, and also adequately testing its feet in new waters.
AxiCorp is a financial brokerage that deals in online forex, equity indices, metals and commodity trading. A brainchild of the outfit, AxiTrader is the flagship retail brand and the broker of choice for traders in more than 150 countries around the world.
Another subsidiary of the firm, AxiPrime offers superior, institutional grade trading services to a high volume, while becoming the top choice for big and small investors alike, who trust in their services.