Financial Services Agency (FSA) of Japan.
The FSA is the regulatory arm of Japanâs Minister of Financial Services that authorizes financial institutions and securities companies.
On December 28, 2005, the FSA determined that Global Forex Trading (www.gftforex.com) met all necessary stringent operating requirements for offering fxâmargin trading to Japanese investors.
GFT applied for its FSA license in the fall of 2005, hoping to join the elite group 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 Japanâs Financial Futures Trading Law, which took effect July 1, 2005.
Approval for such licenses can sometimes take more than a year due to the FSAâs rigorous application process, which includes meticulously assessing each companyâs business operations, financial stability and accounting practicesâall of which GFT exceeded when it applied.
âWe 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,â said Gary L. Tilkin, president and CEO, GFT. âWe are pleased to be recognized as the first non-domestic foreign exchange trading firm to receive this license.â
GFT has a history of partnering with financial services companies in Japan, dating back to early 2002. These partners, or referring parties, encompass a wide range of relationships with Japan-based companies that offer GFTâs fx-margin trading
services to their customers through an account referral program thatâs profitable for the business.
Currently, GFT has partnerships with several of Japanâs largest financial services companies, which introduce customers to GFTâs fx-margin trading services.
December 2005 marked the oneâyear anniversary of the opening of GFTâs Tokyo office as a primary market for expanding its global foreign exchange trading services. Since then, GFT has continued to realize exponential growth in trading volume and the number of traders using GFTâs awardâwinning software, DealBookÂ® FX 2.
Founded in 1997, Global Forex Trading (GFT) is a worldâleader in online currency trading. Serving a global customerâbase in more than 120 countries through its DealBookÂ® FX 2 trading software and 24âhour dealing operation, GFTâs world headquarters are in Ada, Michigan, with sales offices located in New York, Chicago, Tokyo and Sydney, Australia.