Online forex broker Oanda said on Wednesday it has entered into an agreement to acquire all US forex accounts of Japanese brokerage Monex Group’s sub-unit IBFX, aka TradeStation Forex, which exits the retail forex market.
Finance news provider Finance Magnates said on Wednesday Oanda has also acquired the client accounts of IBFX’s sole sister company in Australia. As a result of the deals, TradeStation Group and its unit IBFX will no longer operate as forex brokers.
“Forex has always been a small part of our business, and now we will be able to focus all of our online brokerage resources on TradeStation Securities’ equities, options and futures business, and our forex clients will have the benefit of being served by a firm that dedicates its focus to forex trading,” said John Bartleman, President of IBFX and TradeStation Securities.
The value of the deals was not disclosed.
The client account transfer is scheduled for 4 March, 2016, but the integration of the moved accounts will be graduall. Initially, owners of the moved accounts will be offered the choice to subscribe for the TradeStation FX trading platform integrated with Oanda’s forex price feed. Shortly after this, they will be allowed to place orders as Oanda clients on the broker’s platform.
“These new clients join a rapidly growing Oanda community at a time when market volatility is high. We’re showing our new clients why Oanda is known for innovative tools and technologies to assist the FX trader as well as exceptional execution and client service,“ said Ed Eger, OANDA Global Corporation president and CEO. “We’re confident that both professional and part-time traders will be happy at OANDA. In fact, we’ve even arranged for introductory free access to some of our advanced services used by elite traders.
IBFX, or TradeStation Forex, is the forex dealer subsidiary of TradeStation Group, which is in charge of the businesses of Monex Group in North America and Europe. TradeStation Group operates through its principal subsidiaries IBFX and TradeStation Securities, a licensed securities broker-dealer and a registered futures commission merchant.
Monex Group consists of a group of financial service companies mainly based in Japan, but it also does business in the rest of Asia, North America and Europe.
US-based Oanda group has offices in Toronto, San Francisco, New York, London, Singapore, Tokyo, and Sydney. The group companies are regulated by the relevant authorities in the US, Singapore, Canada, the UK, Japan and Australia.