Adam Toro Heads New FCA-Regulated Subsidiary of HotForex

This is the second financial licence for the group in little over a month.

HF Markets, which is more commonly referred to by its trading name HotForex, has acquired a new license, this time from the Financial Conduct Authority (FCA) in the United Kingdom, the second financial license for the group in little over a month.

The news was revealed by the group today, and the information can be accessed via the FCA’s website, which now shows HF Markets (UK) Limited, a British subsidiary of the HF Markets Group, as authorized under firm reference number 801701. According to the website, the status effective date was from the 14th of November 2018.

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Heading the new subsidiary as Chief Executive Officer (CEO) is Adam Toro, HF Markets has confirmed to Finance Magnates. If the name sounds familiar, that’s because Toro was the previous CEO of Amana Financial Services UK, the British subsidiary of Amana Capital.

As Finance Magnates previously reported, Toro stepped down from his role back in September, with the company stating the departure was the result of a “mutual amicable agreement.”

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Commenting on the news, a spokesperson for HF Markets said: “We are operating in an industry where regulatory bodies, such as the European Securities and Markets Authority (ESMA) and the FCA itself, have set up firm controls and accentuate the customer’s best interests. For this reason, only companies which can demonstrate the ability to comply with these rigorous standards, like ours does, can be licenced by the FCA.”

HotForex expands to the UAE

HotForex is a foreign exchange (forex) and contracts for difference (CFD) brokerage. The FCA license follows closely on the heels of the broker revealing exclusively to Finance Magnates that they had expanded into the United Arab Emirates.

As we reported at the time, the new entity in the UAE is called HF Markets (DIFC) Ltd, and it is located in Dubai’s Index Tower. At the same time, it was also announced that Andreas Lazarou, had been named as the CEO of the Group’s UAE operations. 

HotForex opened up its doors in the UAE after the company received a Dubai Financial Services Authority (DFSA) license (F004885) on December 12, 2018.

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