OANDA shutters Malta subsidiary, clients migrated to Poland
FX brokerage firm OANDA is planning to exit Malta and consolidate its operations in Europe under one regulated entity, namely its business registered in Warsaw, Poland.
The broker has set the date for the planned closure of its operations under the Maltese license, which operates under the brand name OANDA Europe Markets Ltd (“OEML”), on 17 March 2023. OEML’s clients will be transferred to OANDA TMS, which is supervised by the Polish Financial Supervision Authority.
In 2020, OANDA acquired the Polish broker Dom Maklerski TMS Brokers SA, aka TMS Brokers, to grow across the Baltic countries. Established in 1997, TMS was the oldest and second-largest local Polish brokerage and is regulated under the KNF, giving the business access to markets in the European Union.
OANDA set up its shop in Malta three years ago when it was ratcheting up its preparation for Britain’s exit from the Europe Union. The multi-regulated broker secured the regulatory approvals for its European subsidiary in Malta. At the time, OANDA has given clients of its UK entity, OANDA Europe Limited (OEL), the option to be moved to its Maltese subsidiary or opt-out and continue staying with the FCA-regulated firm.
“At OANDA, we are committed to providing the highest quality pricing, execution, and service to our clients, and we will make every effort to ensure that any changes in our operations are implemented in the least disruptive way possible for our clients. All clients have been informed of their options regarding their existing trading accounts with OEML. This change in our operations will shape the firm’s strategy by building the OANDA brand on the foundations of TMS’ multi-asset offering and cutting-edge tech stack to accelerate business growth and better support clients across Europe,” the broker said.
OANDA is a multi-regulated broker with offices in Toronto, Europe and the Asia Pacific region. The company operates an FX trading platform utilized by a mix of retail and institutional investors. Moreover, it provides currency information services to individuals, large corporations and portfolio managers.
Under Bambury’s leadership, the firm has undergone a transformative change in its operational configuration, widening its product offering and increasing its marketing investment in order to drive further growth.