Interactive Brokers asks its Eastern European clients to transfer their accounts to the newly formed Hungarian subsidiary Interactive Brokers Central Europe Zrt.
The brokerage company is sending emails to its clients across Eastern Europe requesting their permission to transfer accounts from the UK regulated office (IBUK) to a new branch recently launched in Budapest (IBCE). The company attributed this move to the approaching expiration of the transition period for Brexit.
The message says that since IBUK’s “passport rights” expire at the end of the year, the service for its clients will be transferred to the European dealership starting from January 1, 2021.
Meanwhile, it is not yet clear whether such invitations are received by the clients of the European Union jurisdiction, or whether it is only about residents of Eastern Europe. Moreover, Interactive Brokers also has an active representative office in Luxembourg.
As a reminder, US trading giant Interactive Brokers Group, as part of its development strategy, launched a subsidiary in Hungary called Interactive Brokers Central Europe Zrt (IBCE) literally at the beginning of this month.
“The opening of an office in Budapest is taking place against the backdrop of growing demand in the Central European region,” the company said earlier.
“We plan to make Budapest the center of our operations in Central Europe to meet the increased demand for brokerage services in Western and Eastern Europe and around the world. We strive to bring knowledge and understanding of capital markets to our future clients throughout Central Europe,” added then Thomas Peterffy, Chairman of Interactive Interactive Brokers.
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