The renewal, expected to happen this spring, will be accompanied by termination of the existing service.
Changes are looming for social trading network ZuluTrade in Japan, as the single retail FX broker offering the service in Japan – ArenaFX, now known as Excite One, has announced there will be a renewal of the service.
In a brief announcement on its website, the company informed its clients that it is preparing for a renewal of “ArenaFX ZuluTrade”. Along with the renewal scheduled for the spring, the company plans to terminate the existing “ArenaFX ZuluTrade”.
There is no clarity on the detailed schedule yet but the broker warns that positions that are not closed by the termination date will be settled by the company.
There have been changes in the offering of ArenaFX recently. In August last year, for instance, the company said it would stop offering the MetaTrader 4 (MT4) platform to its clients. The company attributed the move to “Forex restructuring” and set September 30, 2017, as the deadline for closing all positions on the platform.
ArenaFX announced its new name – Excite One Co., Ltd, in October last year. The change reflected the name of the new owner of the brokerage – online services provider Excite Japan Co., Ltd. (TYO:3754).
Excite unveiled the acquisition of a controlling stake in ArenaFX in the end of September 2017. The deal involved the acquisition of 4,702 shares of the outstanding share capital of the broker and is valued at JPY 159.9 million. Following the acquisition, Excite owns a stake of 88.9% in ArenaFX.
Nippon RAD Inc. (TYO:4736), the previous owner of the controlling stake in ArenaFX explained back then that the deal will allow it to focus on its core technology operations. It added that it will continue to support ArenaFX with regard to financial technology.
In its announcement on the acquisition, Excite underlined that it aims to diversify its offering and stressed the importance of the social trading services provided by ArenaFX.