Going against the trend, Australia's AxiTrader enters the U.S. Retail FX market.
At a time when we are seeing a number of foreign FX brokerages abandon the heavily-regulated U.S. market (e.g. Forex Club), and even U.S.-based firms close shop domestically to focus on foreign markets (e.g. GFT), along comes AxiTrader going the other way. Australia's leading retail FX firm (and a member of LeapRate's Approved List of global FX firms), AxiTrader clearly has designs on being recognized as a truly global FX brokerage and now has a U.S. presence.
AxiTrader USA has received NFA regulation, and will begin life in the U.S. as an introducing broker of institutional broker Institutional Liquidity (ILQ), a Chicago-based firm which also has a base in Australia.
AxiTrader USA will be headed by Brian King, out of Chicago. King and AxiTrader Chairman Goran Drapac worked together years ago at the now-defunct Refco.
For the complete AxiTrader press release click here.
For more on the global Forex industry see the LeapRate-Dow Jones Forex Industry Report.