FXTM gains license from FSB in South Africa as global expansion continues

Today, Cyprus based retail FX brokerage owned by Andrey Dashin has announced that it has received a license from the Financial Services Board (FSB) in South Africa. The license was obtained on July 5th, 2016 (FSP no.46614) and provides the company with the opportunity to expand its strategic footprint, while reaching new customers and acquiring […]

fxtm

Today, Cyprus based retail FX brokerage owned by Andrey Dashin has announced that it has received a license from the Financial Services Board (FSB) in South Africa.

The license was obtained on July 5th, 2016 (FSP no.46614) and provides the company with the opportunity to expand its strategic footprint, while reaching new customers and acquiring local partners in a market of high potential.

Commenting on this latest acquisition, Olga Rybalkina, CEO of ForexTime Limited, said, “This latest development represents another key milestone for FXTM, and falls directly in line with our mission to expand across the globe. We continue to experience growth on a stable level with our company having developed a strong reputation for a commitment to providing excellent trading terms and a transparent service.

“Since our inception, we have steadily established ourselves as an authority in this industry and developed a reputation as a trusted broker in the Asian, European and Middle Eastern markets. South African clients, affiliates and partners can now enjoy all of the benefits and advantages of trading with FXTM, and we proudly look forward to building lasting relationships with these traders as a global broker with a local touch, one that was formed on the core principle of trust.”

The recently obtained license from the FSB adds to what has already been a busy 2016 for FXTM, with the broker having also announced the opening of its UK branch earlier this year, shortly following the appointment of CNBC Arabia’s Hussein Al Sayed as Chief Market Strategist and the face of its brand for the Middle East region.

Away from international developments, FXTM has also focused on developing its product portfolio with the introduction of the Shares Account – offering access to 180 company shares with direct connection to product pricing on the NYSE and NASDAQ exchanges – and the most recent company announcement being the updated MT5 platform with the option of hedging.

Read this next

Executive Moves

Finalto recruits Antony Parsons as head of liquidity

Finalto, the financial trading division of Gopher Investments, is making a broader push into the liquidity provision space, culminating in a new appointment focused on expanding the business into new markets.

Digital Assets

Huobi introduces Tether’s stablecoins pegged to euro, gold

Huobi, the world’s sixth-largest crypto exchange by trading volume, is set to introduce for its clients two stablecoins representing ownership of physical gold and Euro-pegged tokens.

Retail FX

Saxo Bank reports lackluster volumes for November; FX up 40% YoY

FX trading volumes through Saxo Bank’s platforms improved slightly in November, extending its volatile curve as investors continued to weigh central banks’ policy against concerns over a global economic slowdown.

Executive Moves

CMC Markets taps Finalto’s Julia Free to head UK compliance

CMC Markets PLC (LSE:CMCX) has onboarded Julia Free as its newest head of UK compliance as part of a broader organizational reshuffling at the UK’s biggest spread better.

Digital Assets

Ankr successfully patches hack, will reimburse victims and take actions to prevent further attacks

DeFi protocol Ankr plans to reimburse its affected users after a hacker managed to exploit a bug in its code that allowed for unlimited minting of its liquid staking token.

Industry News

ASIC cancels/suspends AFS license of AFSL Group and Quantum Funds Management

ASIC canceled the AFS license of AFSL Group because it failed to lodge statements and audit reports and it did not maintain AFCA membership. The Australian regulator suspended Quantum because it does not have the required professional indemnity insurance coverage.

Executive Moves

BidX Markets hires Shaun French as Research Analyst – Multi Asset

“We believe with his background in the Financial Markets and being based in Dubai, he will be able to provide our clients with access to outstanding research, while also being in a great location to help support our international clients base which is growing at a rapid pace’’.

Institutional FX

Nasdaq migrates US options exchange to AWS with +10% performance in round-trip latency

Nasdaq has announced the successful migration of the core trading system of Nasdaq MRX – one of its six U.S. options exchanges – to Amazon Web Services (AWS).

Institutional FX

TraditionData launches oil swaps pricing data at a critical time in OTC oil traded markets

TraditionDATA has announced the release of a new proprietary Oil Swap Model (OSM) which brings further visibility into illiquid and opaque oil markets.

<