Retail foreign exchange broker Alpari New Zealand is relocating client accounts to a new entity registered in the Caribbean island of St Vincent on June 3, as new rules to govern the local retail market come into force.
A spokesperson for the retail broker in Moscow tells FXRetail the decision was made to ensure clients were able to receive the same trading terms. As part of the new rules being considered by local authorities, traders using Alpari's platform onshore will have to retain a minimum deposit of $20,000.
The new rules are aimed at legitimising the local market following the rapid rise in retail brokers registering in the country, as stringent rules in other jurisdictions such as Australia and the US came into force. Earlier this year, an official at the Economic Development Group at New Zealand's Ministry of Business, Innovation and Employment in Wellington, told FXRetail officials were aware offshore brokers were registering to take advantage of New Zealand's reputation, and to give the appearance of being subject to a greater level of regulation than registration on its own provides.
Alpari clients looking to retain local accounts in New Zealand will have to register to its new website www.alpari.co.nz. Those on the incumbent alpari-forex.com site will automatically become part of the St Vincent-registered entity, the spokesperson says.