MahiFX attains New Zealand FMA license

Source: MahiFX

MahiFX, the foreign exchange technology provider for retail FX traders and the institutional sector, has become one of the first companies to obtain a license as a derivatives issuer from the New Zealand Financial Markets Authority (FMA) under new regulations contained in the Financial Markets Conduct Act 2013.

MahiFX is also regulated by and fully compliant with the Australian Securities and Investments Commission (ASIC). Financial Conduct Authority (UK) approval and regulation is pending.

The FMA oversees securities, financial reporting, and company law as they apply to financial services and markets in New Zealand.  As an FMA licensed derivatives issuer for regulated offers of derivatives MahiFX has demonstrated that it meets and will maintain the regulatory agency’s stringent licensing provisions that include compliance with regulatory standards, capitalisation and liquidity requirements and financial reporting obligations.   

“We share the FMA’s aim to ensure greater fairness, efficiency and transparency in financial markets,” said MahiFX and MFX Compass’ CEO David Cooney. “The fallout in the industry from recent market volatility highlights the importance for strengthening the rules to provide greater transparency and protection for clients. We’re very happy to sign up to that.”  

In accordance with both ASIC and the FMA client money rules, MahiFX segregates all retail client funds from company funds. Client funds are protected in trust accounts with the AA rated National Australia Bank Ltd (NAB).

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