Fortune Prime Acquires GMT Markets to Offer CFDs in Australia

<p>Fortune Prime Global, trading as FPG Capital Group, announced the acquisition of GMT Markets, an Australia-licensed derivative provider, to expand services to <a href="https://www.financemagnates.com/terms/f/forex/">forex</a> and contracts for differences (CFDs) trading.
</p><p>Fortune Prime Acquires GMT Markets
</p><p>Headquartered in Melbourne with offices in Sydney and other parts of the country, Fortune Prime Globalportfolio encompasses construction, mortgage brokerage, currency exchange services, property development, and import and export ventures. Now, the latest <a href="https://www.financemagnates.com/terms/a/acquisition/">acquisition</a> will further allow it to broaden its services.
</p><p>“We are excited to provide our services to Australian clients. This marks a significant milestone for FPG Capital as we further expand into the financial services sector. Our goal is to deliver excellent executions and services to traders, and we look forward to the future ahead,” said Mark Tsang, the Head of Business Development at Fortune Prime Global.
</p><p>GMT Markets has been in existence since 2011. It is regulated by the <a href="https://www.financemagnates.com/tag/asic/">Australian Securities &amp; Investments Commission</a> (ASIC), which the new owner can now use to offer its services.
</p><p>Fortune Prime Global capital group has already started to offer FX and CFDs trading services in Australia. It provides the services under the FPG Capital Group brand with the license of the GMT Markets, which has now been transferred to Fortune Prime Global Capital Pty Ltd. The GMT Markets website shows a “site is undergoing maintenance” message, hinting at a total closure of it.</p><p>FPG Capital offers CFDs trading with forex, shares, commodities, cryptocurrencies, and indices. Apart from the Aussie license, the company also provides trading services globally with authorization from the Vanuatu Financial Services Commission (VFSC).
</p><p>Strict Rules in Aussie Market
</p><p>Australia is one of the mature markets for forex and CFDs trading. Activities in the country are tightly regulated by ASIC, and local authorization is mandatory.
</p><p>Recently, the Aussie regulator has become strict with compliances around design and distribution obligations (DDO). It took action against several brokerages and even suspended the operations of the CFDs broker, <a href="https://www.financemagnates.com/forex/asic-flags-mitrade-global-for-ddo-violations-suspends-operations/">Mitrade Global</a> last month for 21 days. Other renowned brands flagged by ASIC were <a href="https://www.financemagnates.com/forex/saxo-amends-cfds-target-market-determination-amid-asics-stop-order/">Saxo </a>and Interactive Brokers.
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This article was written by Arnab Shome at www.financemagnates.com.