Yahoo! Japan launched its new UK retail FX brokerage Gulliver FX which is registered and regulated by the Financial Conduct Authority.
This isn’t the first time Yahoo! Japan is entering online FX trading; the firm, which was originally created as a joint venture between Softbank of Japan and Yahoo!, operates and owns YJFX. YJFX is one of Japan’s top 5 biggest retail FX brokers with around $200 billion per month in trading volumes.
Yahoo! Japan trades on Tokyo Stock Exchange, where it has a market capitalization of around $25 billion. Yahoo! Alone is valued at $35 billion, which is comprised of its 35 percent shareholding in Yahoo! Japan.
Gulliver FX will initially begin operations as a webtrader and MT4 company. It has already hired managers from competing UK firms such as Shinya Takizawa who was formerly the Head of Compliance at IG Markets. The company is targeting to grab a portion of European and UK FX trading markets.
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Meanwhile, Credit Agricole has tapped former senior RBC Capital Markets official Tony Botting as the head of its Linear FX division and appointed Nikhil Kochhar as a senior FX options trader.
In the London interbank FX market where players have always competed for talents, most traders have always remained stuck to Barclays owing to the huge salaries and perks. However, Nikhil Kochhar bucked against this trend by joining Credit Agricole in the same position he held at Barclays of Senior FX Options trader. Kochhar will be based in Credit Agricole’s offices in London.
Botting previously worked as the Managing Director and Head of FX trading for Asia Pacific area. Besides working in other roles within RBC Capital Markets, Kochhar also worked with HSBC. To register for a free 2-week subscription to ForexMinute Premium Plan, visit www.forexminute.com/newsletter.
To contact the reporter of this story; Yashu Gola at yashu@forexminute.com
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