Fortune Prime Global, operating under the name of FPG Capital Group, has disclosed its purchase of GMT Markets. GMT Markets is a derivatives provider licensed in Australia, aiming to broaden its scope in forex and contracts for differences (CFDs) trading.
FPG Capital Group Expands Portfolio with GMT Markets Acquisition With its main office in Melbourne and branches in Sydney and other regions, Fortune Prime Global’s portfolio spans construction, mortgage brokerage, foreign exchange services, property development, and import-export businesses. This newest addition will enable it to diversify its offerings further.
“We eagerly anticipate serving our Australian clientele. This represents a substantial step forward for FPG Capital as we continue our growth in the financial services industry. We are committed to providing outstanding execution and services to traders and look forward to what lies ahead,” stated Mark Tsang, Fortune Prime Global’s Head of Business Development.
GMT Markets, established in 2011, is overseen by the Australian Securities & Investments Commission (ASIC). With this acquisition, the new parent company can now utilize this regulation to extend its services.
Under the FPG Capital Group brand, Fortune Prime Global has already launched FX and CFDs trading services in Australia. The services are provided under the GMT Markets license, which has now been transferred to Fortune Prime Global Capital Pty Ltd. The GMT Markets website currently displays a “site is undergoing maintenance” message, implying a possible complete shutdown.
FPG Capital provides shares, CFDs trading across forex, commodities, indices, and cryptocurrencies. Besides the Australian license, it also offers trading services worldwide, authorized by the Vanuatu Financial Services Commission (VFSC).
Increased Regulatory Scrutiny in the Australian Market
Australia is a well-established forex and CFDs trading market, with stringent regulations and mandatory local authorization enforced by ASIC.
Recently, ASIC has tightened compliance requirements around design and distribution obligations (DDO). It has taken action against several brokerages and even halted the operations of CFDs broker Mitrade Global for 21 days last month. Other notable brands flagged by ASIC include Saxo and Interactive Brokers.
