Noor Capital acquires UK broker House Of Borse

abdelaziz Fathi

Abu Dhabi investment firm Noor Capital has acquired a majority stake in the UK institutionally-focused brokerage House Of Borse Ltd, a regulatory filing with the UK Companies House shows.

Established in 2005, Noor Capital is a UAE-based brokerage firm, dually regulated by the Department of Economic Development Abu Dhabi, and the Securities and Commodities Authority (SCA). Its diverse and multinational shareholder base includes the UAE, Kuwait, Kingdom of Saudi Arabia, Qatar and Bahrain.

Noor Capital offers its proprietary trading platform specifically for stock trading, named Noor Capital Stocks. Besides the dedicated stock trading platform, the broker also supports the MetaTrader 4 (MT4) terminal.

Founded in 2012, House of Borse is licensed by the UK regulator since 2016 to operate as a matched principal intermediary for a range of investment types, focusing primarily on institutional and professional clients. The company offers a similar core service as traditional prime brokers, and as a market facilitator and aggregator, it provides clients with direct market access to a wide range of bank and non-bank liquidity providers and ECNs.

House Of Borse’s revenues consisted mainly of commission earned on foreign exchange trading by clients. In 2022, the broker saw its operating revenue increase to £1.02 million, up from £599,164 in 2021, or 71 percent higher year-over-year. The company’s revenue hit a record £1.8 million back in 2018. That increased equity shareholders’ fund by 33% to £901,649 compared to £679,326 a year earlier.

The Dubai International Financial Centre (DIFC) has been receiving increased interest from authorized firms and global brokers to offer FX trading in or from the DIFC.

Within Dubai’s International Financial Centre, the DFSA is the regulatory authority that issues all forex broker licenses and regulates all financial and subsidiary services conducted.

However, the DFSA has very strict guidelines in place for obtaining a Dubai forex license, as well as for conducting forex business. Specifically, obtaining a Dubai forex license is a complicated procedure that involves many legal limitations that revolve around the country’s prohibitions on banking activity in the local currency as transactions in UAE Dirhams are strictly prohibited in the center.

Read this next

Digital Assets

French influencers face two years in jail for promoting crypto products

France’s National Assembly’s Economics Committee voted in favor of a law that bans social media influencers from touting risky financial services, including cryptocurrencies.

Interviews

Exberry’s Guy Melamed on paradigm shift with cloud-native exchanges at FIA Boca 2023

FinanceFeeds Editor-in-Chief Nikolai Isayev spoke with Guy Melamed about Exberry’s cloud-native exchange SaaS platform certified by AWS to bring about a paradigm shift in the industry at a time of cybersecurity concerns.

Retail FX

Playtech revenue grows to €1.60 billion in 2022

Playtech plc (LSE: PTEC) reported solid financial results for the fiscal year 2022 as B2B growth and Snaitech’s record performance pushed it towards large gains in revenue and net profit.

Digital Assets

Terra founder Do Kwon arrested in Montenegro

Terra (LUNA) co-founder Do Kwon, the South Korean entrepreneur facing charges over the $40 billion wipeout of the stablecoins he created, was reportedly arrested in the region of Podgorica, Montenegro.

Metaverse Gaming NFT

Orbs Ecosystem Developers Launch TON Access To The Public

The TON Access service provides reliable and decentralized RPC nodes to decentralized applications (dApps).

Digital Assets

Bybit celebrates listing of Arbitrum (ARB) token with $400K prize pool

“At Bybit, we recognize our responsibility to provide forward-thinking opportunities for our users and lead the way in supporting the proliferation of cryptocurrency and blockchain technology.”

Digital Assets

StormGain launches StormGain DEX, a non-custodial alternative to its centralized exchange

StormGain DEX becomes accessible once a user connects their own non-custodial wallet and trades directly, with all orders settled on-chain.

Retail FX

OANDA launches CFDs on UK and US stocks for retail clients in emerging markets

“Interest in CFDs has been surging globally as they offer traders and investors the opportunity to profit from price changes without owning the underlying assets. CFDs give exposure to markets that are trending downward as well as upward, allowing traders to take positions even when volatility is high.”

Institutional FX

Bitpanda’s stocks, commodities, crypto now available to banks partnered with Visa

“We are excited to welcome Bitpanda to Visa’s Fintech Partner Connect Program. The partnership will assist banks to integrate an asset trading platform for crypto and other assets within their banking app.”

<