ATC Brokers launches UK-based service

ATC Brokers, a US-based brokerage established in 2005, has announced the creation of a business line in London, which will be led by Michael Mirarchi, who joined the firm in January following a stint as vice-president in Citi's FX prime broker division.

The new UK brokerage will offer liquidity to retail participants of varying sophistication in the FX market. It will initially be powered by the MetaTrader 4 platform, along with a proprietary advanced-order interface. The firm will also offer automated trading strategies via the FX Speed software, which is integrated with the Spotex trading platform.

"With our UK launch, we're excited to expand on our successful ten-year track record as a US introducing broker. We have worked diligently to build a framework that delivers all of our core values – transparency, robust technology, STP execution, excellent customer service and competitive pricing – before launching," says Mirarchi.

Retail FX has been an area of significant growth for the industry in recent years, although a slight shadow was cast over the sector in March when the UK Financial Conduct Authority (FCA) launched a review into the pricing practices of 40 FX brokerages, including some in the retail space. A month earlier, the FCA found retail broker FXCM guilty of not passing on certain price improvements – but losses in full – to clients between August 2006 and December 2010.