OANDA, a global leader in online multi-asset trading services, currency data and analytics, plans to close its operations in Malta on March 17, 2023 and consolidate its European operations to operate under its registered subsidiary in Warsaw, Poland.

In September 2020, OANDA announced the acquisition of Dom Maklerski TMS Brokers S.A. (now renamed OANDA TMS Brokers S.A., "OANDA TMS"), an established Polish multi-asset broker regulated by the Polish Financial Supervisory Authority (KNF). Thus entering the EU market. In December of the same year, OANDA opened a subsidiary in Malta to prepare for Brexit. The new subsidiary operates under the brand name OANDA Europe Market Limited (OEML) and is licensed by the Malta Financial Services Authority.

As a result of this strategic change, OEML "will cease to provide services currently provided under OANDA Markets Europe's Retail and Professional Client Terms of Business (ToB)," while OANDA will consolidate and transfer its European operations to OANDA TMS.

"This business restructuring reflects OANDA's focus on smarter trading for its clients, which will enable active traders in Europe to have access to a wider range of TMS products including more asset classes and a cutting-edge platform integrated with the MTS platform," the company said.

"At OANDA, we are committed to providing our customers with the highest quality pricing, execution and service, and we will make every effort to ensure that any changes in our operations have the least possible impact on our customers." All customers have been informed of their options regarding existing trading accounts with OEML.

"This business change is designed to build the OANDA brand on TMS's multi-asset offering and cutting-edge technology stack, accelerate the company's business growth and better support customers across Europe."

Last week, OANDA also appointed Standard Chartered as its cash management bank for receipts and payments in the UK and the US, as well as its prime broker for the international retail forex market, enhancing the company's ability to provide local and regional solutions to its international clients, enabling its business to grow.