iFOREX Gives Up on Israeli Licensing Process, Leaves the Market
- Clients of iFOREX in Israel are requested to close all positions by Monday, June 6th.
The harsh regulations on online margin trading in Israel have caused another brokerage to withdraw from the market. Israeli clients of iFOREX (CLIO Financial Trading LTD) have just been told that the firm has decided to cancel its application for an ISA license and end its operations effective immediately.
Tzah Druker, Head of the Israeli Trading Arena Association (Finance Magnates)
Tzah Druker, the head of the Israeli Trading Arena Association, which represents the industry in its dealings with the regulator, commented: “Despite that iFOREX was in an advanced stage in the Israeli license process, the firm decided that in light of the limitations imposed by the ISA on the field, the business viability of running an arena in Israel is low and it chose to withdraw the license request.
The firm joins a number of companies that have made a similar decision and those that will make a similar decision in the coming weeks due to the ISA limitations. It is not unavoidable that in the end of the process Israeli clients who want to trade will be forced to settle and turn to unregulated offshore arenas such as USG Capital and UTrade since there will be no firm left in Israel that will meet the ISA requirements to offer an alternative."
Tzah Druker will take part in the panel “Financial Regulation Regulation Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Read this Term in Israel – Where Next?” at the Finance Magnates Tel Aviv Conference, June 29th 2016. To join the new world of Online Trading Online Trading Online trading represents the trading of fiat currencies, digital currencies, commodities, stocks and indices, where traders and investors intend to make a profit, via the purchase or sale of the aforementioned products. This is done through an electronic network, made accessible by brokers in the form of an online trading platform or hub.Online trading continues to see a rapid growth year on year, due to a number of reasons. Firstly, the number of brokers offering their services, with more mone Online trading represents the trading of fiat currencies, digital currencies, commodities, stocks and indices, where traders and investors intend to make a profit, via the purchase or sale of the aforementioned products. This is done through an electronic network, made accessible by brokers in the form of an online trading platform or hub.Online trading continues to see a rapid growth year on year, due to a number of reasons. Firstly, the number of brokers offering their services, with more mone Read this Term, fintech and marketing register now.
Speaking with Finance Magnates, the CEO of CLIO, Yoav Libal, said: “A lack of financial worthwhileness leads us to the decision. The operation of the firm required a lot of management input and we determined that the profitability is not great enough.
If we would have continued the process, we would have gotten the license and it was our decision to stop it. The ISA acted fairly and honestly with us and we have no complaints against it. There is a negative atmosphere regarding the industry in Israel and we were not able to bring enough clients. I support regulating the field.”
Clients of iFOREX in Israel are requested to withdraw their funds and close all positions by Monday, June 6th, as the platform now works on a close-only mode.
The full list of applicants for the Israeli License. Source: Finance Magnates
The harsh regulations on online margin trading in Israel have caused another brokerage to withdraw from the market. Israeli clients of iFOREX (CLIO Financial Trading LTD) have just been told that the firm has decided to cancel its application for an ISA license and end its operations effective immediately.
Tzah Druker, Head of the Israeli Trading Arena Association (Finance Magnates)
Tzah Druker, the head of the Israeli Trading Arena Association, which represents the industry in its dealings with the regulator, commented: “Despite that iFOREX was in an advanced stage in the Israeli license process, the firm decided that in light of the limitations imposed by the ISA on the field, the business viability of running an arena in Israel is low and it chose to withdraw the license request.
The firm joins a number of companies that have made a similar decision and those that will make a similar decision in the coming weeks due to the ISA limitations. It is not unavoidable that in the end of the process Israeli clients who want to trade will be forced to settle and turn to unregulated offshore arenas such as USG Capital and UTrade since there will be no firm left in Israel that will meet the ISA requirements to offer an alternative."
Tzah Druker will take part in the panel “Financial Regulation Regulation Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Read this Term in Israel – Where Next?” at the Finance Magnates Tel Aviv Conference, June 29th 2016. To join the new world of Online Trading Online Trading Online trading represents the trading of fiat currencies, digital currencies, commodities, stocks and indices, where traders and investors intend to make a profit, via the purchase or sale of the aforementioned products. This is done through an electronic network, made accessible by brokers in the form of an online trading platform or hub.Online trading continues to see a rapid growth year on year, due to a number of reasons. Firstly, the number of brokers offering their services, with more mone Online trading represents the trading of fiat currencies, digital currencies, commodities, stocks and indices, where traders and investors intend to make a profit, via the purchase or sale of the aforementioned products. This is done through an electronic network, made accessible by brokers in the form of an online trading platform or hub.Online trading continues to see a rapid growth year on year, due to a number of reasons. Firstly, the number of brokers offering their services, with more mone Read this Term, fintech and marketing register now.
Speaking with Finance Magnates, the CEO of CLIO, Yoav Libal, said: “A lack of financial worthwhileness leads us to the decision. The operation of the firm required a lot of management input and we determined that the profitability is not great enough.
If we would have continued the process, we would have gotten the license and it was our decision to stop it. The ISA acted fairly and honestly with us and we have no complaints against it. There is a negative atmosphere regarding the industry in Israel and we were not able to bring enough clients. I support regulating the field.”
Clients of iFOREX in Israel are requested to withdraw their funds and close all positions by Monday, June 6th, as the platform now works on a close-only mode.
The full list of applicants for the Israeli License. Source: Finance Magnates