The race to prepare for Brexit continues. FNG has learned that Retail FX and CFDs brokerage group FXCM has established a beachhead in Cyprus ahead of the end of Brexit’s transitional phase at year-end 2020. The company actually set up FXCM EU Ltd in the EU island nation in late 2019, and spent the better part of 2020 in an application process for a CIF license from Cypriot regulator CySEC. Even for established brokers such as FXCM (and FOREX.com, see more on that below), the CySEC licensing process is a thorough and lengthy one. FXCM formally received its CySEC CIF license on November 23 (license number 392/20). The ... (full story)