Breaking: FXPIG moves from New Zealand to Vanuatu

Citing increasing regulatory demands, FXPIG has relocated its operations from New Zealand to the Pacific island of Vanuatu after 7 years in establishment

After nearly six years of operations in New Zealand, under the FSPR, FXPIG is moving.

According to the company’s CEO Kevin Murcko, this tactical relocation is an initial step with an end goal of expanding its footprint and evolving the firm’s brand in light of the ever-changing global marketplace.

“The ability to grow WITH a regulator is a key, as over-bloated regulations can end up being a hindrance rather than a virtue” stated Mr. Murcko in a corporate statement today.

In May of 2016, Prime Intermarket Group Asia Pacific Ltd, an FXPIG Group Company, was issued a Principal’s License for dealing in securities, granted by the Minister of Finance and Economic Development of Vanuatu, under the arm of the Vanuatu Financial Services Commission.

Established in October 2009 by Mr. Murcko in Auckland, New Zealand, the acronym PIG stood for Premier Interchange Gateway, a term which earned the firm significant presence via its branding.

Mr. Murcko previously spent almost 8 years as a currency trader where he worked for himself trading all three major sessions with a focus on technicals including volume spread analysis, GANN lines, and support and resistance studies.

It certainly appears that New Zealand did not ultimately emulate Australia’s lead in which the regulatory ‘clean up’ which involved the inauguration of the Financial Markets Authority did not attract good quality and well established firms to remain in New Zealand, which is what ASIC achieved in Australia.

ASIC’s highly advanced and well organized system of regulation created one of the most secure and desirable locations from which to operate an FX brokerage, however New Zealand by contrast has experienced an exodus of firms to non-regulated regions.

New Zealand did not manage to retain the interest of brokerages once the overhaul of regulations took place, largely due to the stipulations imposed on brokers as well as the regulatory capital requirements that were invoked meant that there was no advantage for brokers to remain in New Zealand when they could instead obtain an ASIC license in Australia at a time during which the Australian authorities were (and still are) considered more astute.

Had this panned out differently, New Zealand’s FX industry could be somewhat different, as if this flight may not have occurred, and the highly recognized banking sector, non-corrupt jurisdiction and skilled staff would have perhaps been a boon to local brokerages.

Vanuatu, a Pacific Island jurisdiction 1750km north of the Australian coastline has become the latest place of interest, whereas others have sought offshore regions such as St Vincent & The Grenadines.


Read this next

Digital Assets

FTX resumes salary payments to employees and contractors, except in Bahamas and Australia

“FTX also is making cash payments to selected non-U.S. vendors and service providers where necessary to preserve business operations, subject to the limits approved by the Bankruptcy Court. We recognize the hardship imposed by the temporary interruption in these payments and thank all of our valuable employees and partners for their support.”

Market News

Rishi Sunak’s reign in real data

After several weeks of Rishi Sunak’s appointment as the new Prime Minister, it is obvious that he has claimed quite the public support.

Digital Assets

CrossTower acquires BEQUANT to help crypto industry reset and consolidate

“We are stabilizing an industry with incredible promise; regaining trust; and rebuilding the future of finance.”

Retail FX

Plum launches crypto offering for EU residents

Plum has added crypto investing to its range of investment options in France, Belgium, Spain, and Ireland. Residents there will be able to buy and sell cryptocurrencies in their app with just a few taps, via services provided by Bitpanda.

Retail FX

FX/CFD and Crypto broker Quantfury launches fractional trading of stocks, ETFs, commodities

“Quantfury is advancing its unmatched trading and investing conditions further by making it even more affordable to Quantfurians out there. Fractional trading mode opens up more trading opportunities to the Quantfury global audience of more than 400,000 Quantfurians.”

Industry News

SEC awards $20 million to whistleblower despite degree of culpability and reporting delay

The Securities and Exchange Commission has awarded a whistleblower with $20 million for providing new and critical information that led to the success of an enforcement action.

Institutional FX

Tradesmarter’s white label WOW TRADER integrates with TradingView

Tradesmarter’s white label trading platform solution WOW TRADER has integrated with TradingView, the high performance and mobile friendly charting tool.

Industry News

ASIC loses fee overcharging case against Commonwealth Bank of Australia

“ASIC pursued this case because we believed CBA did not have robust compliance systems to ensure customers were being correctly charged. ASIC will carefully consider the judgment and continue to work to ensure large financial institutions charge fees correctly and put their customers first.”

Digital Assets

Kraken pays $362K fine for onboarding Iranian users

Cryptocurrency exchange Kraken will pay $362,158 to settle its civil liability for apparent violations of US sanctions on countries like Iran, the Treasury Department’s Office of Foreign Assets Control said.