Social trading brokerage ayondo is launching its services in a third major European market. The company is starting to offer its services in Spain after receiving official approval from the local regulator. After the Spanish National Securities Market Commission (CNMV) introduced some new requirements for trading platforms for retail traders earlier this year, ayondo is allowed to open offices in Barcelona and Madrid.
The entry into the Spanish market for ayondo represents the third major commitment for the social trading brokerage. After Germany and the UK, the FCA-regulated company is targeting a market which has been developing at a slower rate when compared to some of its EU peers.
Commenting on the news, the CEO and co-founder of ayondo, Robert Lempka, said: “We are extremely excited to join the Spanish retail trading market and we will introduce the new concept of Social Trading to Spanish investors.”
Ayondo officially registered its Spanish subsidiary earlier this year in March.
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Raza Perez Appointed to Lead the Effort
The social trading brokerage has on-boarded the founder and CEO of Spanish retail market-focused broker Activotrade, Raza Perez. He is joining ayondo group as Head of Product, looking after the company’s products strategy across the multitude of businesses which the fintech-focused firm is working on.
Looking at his role in the Spanish market, ayondo’s new hire will be in charge of introducing the social trading concept to retail traders in the country.
Ayondo has also added a cooperation with renowned author of several books on trading and self-improvement in Spanish, Josef Ajram. He has been an independent trader, an athlete and author of about five books.
Commenting on the deal, Raza Perez said: “The cooperation with Josef Ajram is a perfect fit for ayondo. He has an inspiring personality and stands for high expertise in the area of trading.”
Ayondo is still working on its reverse takeover transaction that is aiming to list the company on the Singapore Stock Exchange (SGX). The company has continued developing its business, serving both the retail and institutional sectors of the forex industry.