GFT (Global Forex Trading) is the first foreign-based, non-Japanese company specializing in foreign exchange trading services (margin fx trading) to receive licensing from the Financial Services Agency to offer fx-margin trading to Japanese investors.
FT applied for its FSA license in the fall of 2005, hoping to join the ranks of 93 Japanese companies currently holding the FSA license. More than 100 companies that applied for the license between July and December of 2005 were denied the license, and 96 companies are under temporary registration.
The license and registration are new requirements for firms offering forex trading services, as outlined in revisions to Japan’s Financial Futures Trading Law, which took effect July 1, 2005.
“We believe that our new license from the FSA is a demonstration of our commitment to serving our customers and partners in Japan and throughout the world,” said Gary L. Tilkin, president and CEO, GFT. “We are pleased to be recognized as the first non-domestic foreign exchange trading firm to receive this license.”