26 June, AtoZForex – Just like FXCM abandoned the Japanese market with the sale of its regional business to Rakuten, Dukascopy bank has also decided to bid farewell to Asia’s second largest economy. As for the FXCM- Rakuten deal, it was stated that the final acquisition price of FXCM Japan had been set at $62 million, depending on the various factors this could have been altered. However, according to further confirmation of FXCM Japan sale to Rakuten, the specified amount has been untouched, whilst the deal has been officially sealed on the planned 1st of April, without any complications.
Dukascopy, the Swiss Forex market provider has apologized to clients, asking that clients who currently have open positions are given two weeks – that is, until July 4, 2015, to close these. Since June 21, 2015, existing clients of Dukascopy Japan have have not been able to enter new positions. They have apologized for any inconvenience caused.
Here is the statement released on its website to that effect:
Dukascopy has decided to stop providing trading services for customers who are resident in Japan.
Customers who do not hold the current position (the open interest) closes its account, from the withdrawal form in My Account report, please do the instructions of withdrawal to us.
June 21, 2015 now, Japanese customers with the positions we are no longer able to newly held positions at our company.
At the same time, such customers will need to be all closed until the position of the July 4, 2015 you have currently in within the next two weeks.
Customers to apologize for the inconvenience to, I am sorry. If you have any questions, please feel free to ask please us.
Thank you very much.
The FX market is strongly regulated in by the Japanese Financial Services Authority, and it remains unclear whether the Swiss bank had due authorization in terms of licensing to carry out its business in the region. As Dukascopy leaves Japan, the specific reason for the exit was not stated in the notice to clients.
All existing customers have of the Bank have therefore been asked to submit withdrawal requests in order to proceed with closing their accounts.