In line with its expansion strategy, Monex Europe SA has moved its Luxembourg office to a larger space in the city centre, according to a press release dated 19 September 2023.
Based in Luxembourg with a sales office in the Netherlands, the firm specialises in commercial foreign exchange. The firm is a subsidiary of global financial services institution Monex S.A.P.I. de C.V., and received regulatory approvals in December 2020, commencing European operations in February 2021.
Since then, the company has seen a significant increase in its European client base and has expanded its product offerings.
The new Luxembourg office will accommodate 20 staff members, according to a representative who spoke to Delano.
Luxembourg serves as a strategic location for the firm, allowing it to cater to clients across the European Union. Monex’s press release stated that this move is essential for extending its reach into the private equity and funds sectors. Monex’s global client base exceeds 66,000, and it closed 2022 with $303bn in deliverable FX trades and $11.1bn in assets.
Percy Golergant, who was appointed executive director at Monex Europe in August, noted that the new, larger office space accommodates the firm’s growing needs and provides room for additional expansion in Luxembourg. He commented, “We are excited to have signed a long-term lease contract for our new office location in Luxembourg.”
Carlo Biondi, another executive director, emphasised that the Luxembourg location is instrumental in continuing to develop the firm’s European operations and in servicing corporate and institutional clients after Brexit.