Consolidation month is continuing in the FX and CFDs space.

Following last week’s sale of FXCM UK to Trade Nation, the acquisition of the rest of the retail brokerage business of FXCM by AvaTrade, and then Capital.com buying the European client book of FxPro, Retail FX and CFDs brokerage operator CXM Group has announced that it has agreed to acquire TD Markets (Pty) Ltd, a Johannesburg-headquartered CFDs broker authorised by South Africa’s Financial Sector Conduct Authority (FSCA) as a Financial Services Provider (FSP 49128).

Financial terms of the transaction were not disclosed.

Founded in 2015, TD Markets is one of South Africa’s leading locally headquartered brokers, serving more than 50,000 active clients across Africa. TD Markets brings its FSCA license, local brand, client community and partner network to CXM. TD Markets’ brand, team and FSCA licence remain in place, and client accounts, funds and trading platforms are unaffected.

The acquisition gives CXM a regulated home in South Africa. CXM also operates regulated subsidiaries in the UK (CXM Prime Ltd), the UAE (CXM Securities LLC), and offshore in Mauritius and Seychelles.

Andrei Alekseev, CMO at CXM Group said,

“South Africa has one of the most developed financial markets on the continent and a deep culture of trading, especially in gold. TD Markets has built a strong local brand, a talented team and a loyal community of traders. We are not here to change what clients value. We are here to invest in it: in liquidity, in technology and in people on the ground in Johannesburg. Together, we will accelerate growth for traders and partners across Africa.”

Amar Ramith, CEO of TD Markets, said,

“Our priority throughout this process was finding the right long-term partner for our clients and our team. CXM’s execution, its depth in trading technology and its commitment to keep our brand, our people and our FSCA licence made it the right choice. Our clients will see the same TD Markets, with more behind it.”

CXM added that it plans to invest in the Johannesburg team as the base for accelerating growth and further expansion across Africa. TD Markets’ leadership team will remain in place, and Amar Ramith will continue as CEO.