The US broker brand of the well-known forex brokerage XM hopes soon to count itself among the members of the National Futures Association. A filing by its US subsidiary – Trading.com Markets Inc. – with the NFA from the third of January 2019 tells us this much.
XM’s application for Forex Dealer Member (FDM), NFA membership and Retail Foreign Exchange Dealer (RFED) status will most likely send shock waves through the US Forex market. Due to the extremely tough regulatory standards of the NFA, only very few brokerages are legally operating on US soil at the moment. They include – OANDA Corporation and Forex.com parent GAIN Capital. And from the looks of it – another major player will be joining them.
The filing of XM with the NFA further tells us that former UK director for the brokerage Charalambos Panayiotou will be taking over the new US-based company as CEO. No information has come to light yet as to when the brokerage will get its approval from the NFA and begin legal operations overseas. However, if all goes well and XM gets the green light, this would mean a major expansion for the XM group.
XM is an award winning brokerage and a household name in the Forex trading world. It was launched back in 2009 and offers trading in a wide range of financial instruments on both the MetaTrader4 and Metatrader5 which are the foremost trading terminals in the business. Furthermore, the company behind XM – Trading Point Holdings Ltd. – falls under the strict regulatory oversight of the Cyprus Securities and Exchange Commission. The company also operates broker brands in the UK and Australia which are accordingly licensed by the Financial Conduct Authority (FCA) and the Australian Securities and Investments Commission (ASIC).