Today FxPro has made a move to consolidate their Forex business by shutting down their Australian office. The office only opened a year ago and half ago but FxPro have made the decision to shut down operations those attempting to open new accounts at FxPro.com.au are greeted with the following message:
Clients are then directed over to FxPro.com. FxPro has been a center of much activity recently after some of it’s minor shareholders sold up to an undisclosed investment group. So far main management and shareholders have remained in place, though a number of high profile staff members have left including James Marshall former head of the PR department at FxPro.
FxPro is not the only Forex brokerage to have consolidated recently with a number of other major companies having consolidated global offices and let go staff. This consolidation was partly due to the low trading volumes experienced throughout 2012 which may have forced brokerages such as Saxo Bank, Oanda, GFT and MB Trading to consolidate their global operations. 2013 looks like it may be much better for Forex brokerages with trading volumes having been very promising in both January and February.
Whether we see further consolidation by the major industry players in the coming months remains to be seen.