A company that provides technology for investors to trade foreign currencies has registered itself in the Virgin Islands, becoming the first foreign exchange broker-dealer to do so under new regulations passed last year, company officials said.
Gallant Capital Markets, which also has offices in Hong Kong, Shanghai, and Argentina, is in the process of setting up the company’s physical presence in the VI, according to Salvatore Buccellato, the firm’s chief executive officer.
The company’s trading platform, software called MetaTrader4, allows customers — typically large institutional clients such as investment funds, banks and pension funds as well as wealthy individuals — to trade currencies, gold and silver, and a type of derivative known as a contract for difference.
See the June 23, 2011 edition for full coverage.