Broctagon acquires Labuan license to expand FX liquidity across Asia

Rick Steves

The firm also appointed Cecilia Chan as its Executive Director and Head of FX. Ms. Chan joins Broctagon from Singapore Exchange, where she was Vice President.

R5FX enters Singapore

Broctagon Fintech Group has acquired a Labuan Money Broking License, which enables the liquidity provider to now offer regulated bank-grade FX liquidity to its clientele.

The Labuan license will allow the Multi-asset liquidity provider to strategically positioned to support a growing Asian market as it offers clients a tailor-made experience that directly aligns with their individual objectives.

Broctagon is leveraging the fact that it has been part of the Asian FX ecosystem for close to a decade, while most large liquidity providers are based in the West.

The firm appointed Cecilia Chan as its Executive Director and Head of FX. Ms. Chan joins Broctagon from Singapore Exchange, where she was Vice President.

She joined in January 2021 from Hang Seng Indexes Company, where she was Senior Manager of Exchange and Regulatory Relations based in Hong Kong, leveraging her prior experience and network developed at SGX, where she was Director of Membership and International Coverage, also in Hong Kong.

Other past roles in her FX career include Head of Futures at Maybank Kim Eng, Strategic Planning Manager at Phillip Futures, and Dealer at MF Global.

As one of the few female leaders within the FX sphere, her experience is expected to expand the liquidity arm of the business, Broctagon Prime Markets Limited, across the region.

Cecilia Chan, Executive Director of Broctagon Prime Markets, said: “Cultural and physical differences in Asian markets often lead to friction in FX processes. By understanding their needs, we can offer our clients truly bespoke, holistic trading solutions. Our unique understanding of both FX and cryptocurrency also allows us to identify opportunities to support brokers in expanding their businesses into other asset classes.”

Don Guo, CEO of Broctagon Fintech Group, said: “Covid-19 has changed the international trading landscape and we see something stirring in Asian trading. The capital markets in the region are becoming increasingly sophisticated and there is fresh demand for exceptional trading infrastructure to support this evolution, with Labuan playing a growing role as a financial and trading hub.”

Broctagon’s new Money Broking Licence is officially approved by the Labuan International Business and Financial Centre (Labuan IBFC) under its statutory body Labuan Financial Services Authority (Labuan FSA).

First provisionally approved in October 2020, the liquidity provider has since fine-tuned its many offerings to further support its diverse clientele.

Broctagon has recently partnered with Spotware Systems to offer a cTrader white label solution.

  • Read this next

    Retail FX

    Weekly Roundup: John Oliver rips into MetaTrader, Binance to pay $10 billion

    Welcome to this week’s roundup, where we delve into the latest developments in the Forex, Fintech, and cryptocurrency markets. Stay ahead of the curve with our comprehensive overview of the week’s most impactful events and trends across these dynamic sectors.

    Retail FX

    Lark Funding reopens to US traders, MyFundedFX picks cTrader

    Canada-based prop trading firm Lark Funding announced it will once again welcome clients from the United States.

    Institutional FX

    Cboe FX volume falls to lowest level since summer

    Cboe’s institutional spot FX platform, known as Cboe Spot, today announced its trading volume for the month ending February 2024, which took a step back after a strong rebound in December.

    Retail FX

    ThinkMarkets secures lucrative DFSA license in Dubai

    Melbourne-based broker ThinkMarkets has secured a license from the Dubai Financial Services Authority (DFSA) after it has already incorporated its new subsidiary in the Dubai International Financial Center (DIFC).

    Digital Assets

    New Horizen Lays Out Its Vision Of A Modular, Proof Verification Layer For Web3 Networks

    Horizen is forging a new path for the future of blockchain with its New Horizen initiative, which is building a modular Proof Verification layer that’s dedicated to verifying cryptographic proofs for any settlement layer, beginning with Ethereum. 

    Digital Assets

    Karma3 Labs Raises a $4.5M Seed Round Led By Galaxy and IDEO CoLab to Build OpenRank, a Decentralized Reputation Protocol

    Using OpenRank, developers and web3 companies can build consumer apps where people can discover, use, fund, read, or buy something on-chain without worrying about getting spammed or scammed.

    Digital Assets

    Worldcoin down as Elon Musk sues OpenAI CEO Sam Altman

    Worldcoin’s (WLD) token dropped following news of a lawsuit against related company OpenAI. The lawsuit was filed by Elon Musk and accused OpenAI and CEO Sam Altman of breach of contract.

    Institutional FX

    Exegy’s Liquidity Lamp adds intraday data to outperform S&P 500 by 31.8%

    Exegy has incorporated intraday signals into its AI-powered iceberg order detection tool, Liquidity Lamp. By adding intraday data to a baseline mean reversion strategy, Exegy’s model outperformed the baseline by 10.5% and the S&P 500 (SPY) by 31.8%, respectively in the out-of-sample testing.

    Industry News

    Think Elon Musk backed your crypto exchange? ASIC’s latest reveal may shock you

    In an absolutely shocking turn of events that nobody could have possibly seen coming, the Australian Securities and Investments Commission (ASIC) has bravely stepped forward to reveal that, yes, those videos of Elon Musk passionately endorsing a cryptocurrency exchange are as fake as a three-dollar bill.