UK broker City Index has announced today the opening of a new office in Israel. The new office is part of City Index’s expansion efforts where they have established businesses in Australia, Singapore, China, Poland and the US. The Israel unit will be headed by Meir Velenski who has worked previously as a Director at WorldSpreads Israel. The new office will be marketing City Index’s products to the local region under the City Index name.
The timing of the new business occurs as Israel has been working on creating new regulations for the forex market. As such, the entrance of a global broker putting its footprint in the country, even as restrictions to forex could be forthcoming, shows the market’s potential, even with its small size.
CITY INDEX EXPANDS GLOBAL NETWORK WITH LAUNCH OF ISRAEL BUSINESS
5 September 2012: City Index Group, a leading global provider of retail trading services, including Spread Betting (UK only), Contracts for Difference (CFDs) and margined foreign exchange (FX), has today announced the launch of a new office in Israel as it continues to expand its global network.
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City Index Israel office will allow customers in the region to access 19 CFD markets and 37 spot forex pairs, innovative tools and platforms for which City Index is recognised worldwide, including Advantage Trader, one of the world’s most advanced trading platforms, and the City Index App, the first downloadable CFD trading App for the iPhone in the UK.
The Israel office presents a front end service and will make use of City Index Group’s extensive global network to provide clients with one of the most competitive CFD and FX offerings available in the market including forex spreads from 0.8 pips, price improvement technology and auto trading strategies.
The launch of the Israel office is a further step in City Index’s international expansion strategy, which has seen the firm establish businesses in Australia, Singapore, China, Poland and the US, as the Group targets opportunities in new markets and geographies, bringing clients a wide range of pioneering products and services.
City Index’s Israel office will be headed up by Meir Velenski, who brings over twenty years experience in financial markets. Meir has extensive experience operating in the Israeli market, with particular emphasis on retail trading services.
Paul Cassidy, Global Head of Marketing at City Index Group, said: “We are committed to continuing to expand City Index Group’s international presence and opening up our range of cutting edge products and services to a new audience. We have an incredibly competitive FX and CFD offering, which is reinforced by the fact that we have signed up a number of introducing brokers in the region already. By opening a new Israeli business, we are cementing our credentials as a global leader in retail trading services, with a service offering to rival any in the industry.”
Meir Velenski, Managing Director of City Index Israel, said: “City Index Group’s Israel office constitutes a professional sales desk, with extensive industry and regional expertise, set-up to cover the local, international cosmopolitan population associated with Israel. The country’s economy remains very strong and has proved resilient to the housing and credit crises that have impacted North America and Europe in the past few years. There is a huge appetite for City Index’s extensive offering domestically in Israel and beyond.”