TFI Markets

TFI Markets, better known as TFI, is a Europe-based global foreign exchange company with headquarters in Nicosia, Cyprus. It provides currency specific financial services through its own treasury and access to the foreign exchange market through the MetaTrader 4 electronic trading platform.^[1][2]

TFI has claimed to be one of the oldest retail currency brokers in the world as it has allowed retail and institutional clients to speculate on foreign currencies in what is known as "margin forex trading" as early as 1999;^[3][4]

In 2009 the regulatory status of the holding company became unclear as new legislation in Cyprus superseding the Exchange Control license came into effect.^[5][6] The company maintained communication with the Central Bank of Cyprus to resolve the issue and at the same time took the decision to suspend marketing and sales activities in its Forex Trading business until April 2010 when it established a new subsidiary for this business.^[7]

Historical Timeline

• In August 1999, TFI pcl acquires Exchange Control License EC/B/2455 from Central Bank of Cyprus and in October of the same year, TFI Public Company Ltd is established.
• In June 2006, TFI pcl introduced its foreign exchange trading platform under the brand name of TFIFX^[8]
• In August 2009, TFI pcl forms TFI Markets (a 100% wholly owned subsidiary entity)
• In April 2010, TFI Markets acquires license (117/10) from CySEC, registers TFIFX as a brand name and becomes MiFID compliant^[9][10]
• In December 2011, TFI Markets acquires license (115.1.2.13) as a payment Institution from the Central Bank of Cyprus and is included in World Finance's TOP 100 List.^[11][12]

Regulatory information

After changes in European regulation in 2009 and 2010^[13] that brought margin FX trading under the supervision of the CySEC, TFI pcl formed a 100% wholly owned subsidiary entity, TFI Markets Ltd (TFM). TFM was approved by the CySEC as a CIF in April 2010 (license no. 117/10), which complies with Markets in Financial Instruments Directive (MiFID). TFIM started operations as a CIF on May 10, 2010 with a paid up capital of $5 million offering the regulated services of receipt and transmission of orders (R&T), Dealing for Own account (DOA) and also acting as a payment service provider for its institutional clients. TFI Markets Ltd is externally audited by Deloitte and internally by KPMG.^[14]

Licences

A 100% subsidiary of TFI Public Company Limited (PCL), TFI Markets is authorised and regulated as an Investment Firm by the Cyprus Securities and Exchange Commission, CySEC with the licence no. 117/10.^[15] CySEC operates under the EU Markets in Financial Instruments Directive (MiFID).

TFI Markets is also licensed as a Payment Institution by the Central Bank of Cyprus (licence no.115.1.2.13).^[16]

References

External links

• Official Website