ATFX acquires South African broker Khwezi Financial Services

abdelaziz Fathi

Global brokerage firm ATFX has expanded its service offering to target the growing opportunities in South Africa, one of the fastest growing and most vibrant regions in the world.

ATFX has acquired Khwezi Financial Services, a move that grants ATFX a licensed Over-the-Counter Derivative Provider (ODP) status in South Africa. The takeover allows the firm to act as an OTC derivative provider and therefore is permitted, under regular features of its business, to ‘originate, issue, sell or make a market in OTC derivatives’.

The ODP license, issued under the Financial Markets Act no.19 of 2012 by the Financial Sector Conduct Authority (FSCA), is crucial for legal operations in the OTC derivatives market, which includes contracts for difference (CFDs).

Forex brokers in South Africa are overseen by the financial sector conduct authority, which approves the firms that can operate within the jurisdiction. The FSCA handles the issuance of licenses and can sanction companies that violate guidelines of the nation’s dual regulation system.

ATFX Chairman Joe Li commented: “With the recent acquisition of Khwezi Financial Services, ATFX boldly charts its path to significant growth in the South African market. In addition to competitive spreads, cutting-edge technology platforms, and round-the-clock customer support, ATFX aims to cater to the needs of retail clients with a client-centric approach and provide a new source of liquidity in the African institutional business. By leveraging our resources and expertise, we aspire to establish as a leader in the industry, offering trading opportunities and services ahead, and service a wider range of customers in the African market.”, stated Joe Li.

ATFX said it finds several motivations to operate in South Africa which include the favourable business climate and the progressive nature of the country’s legal system in regard to international brokerage companies.

ATFX has recently entered into a new phase of growth, which saw the broker expand its geographical footprint across Asia, as well as enhance its product offering, focusing on localization.

Earlier in the year, the firm secured a Securities and Commodities Authority (SCA) license in the United Arab Emirates (UAE). Additionally, the acquisition of Rakuten Securities brought an Australian Securities and Investments Commission (ASIC) license into its portfolio. With the inclusion of the South African ODP license, ATFX has expanded its global footprint and regulatory compliance this year, adding to its existing licenses from the FCA (UK), CySEC (Cyprus), FSC (Mauritius), and Seychelles.

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