Another merger in the Israeli forex industry: the local branch of Colmex, headed by Tzah Druker, makes its third acquisition in the market, buying up the last forex broker still in the middle of the licensing process – Protrade Solutions LTD. The acquisition awaits regulatory authority by the Israel Security Authority (ISA) and it is expected to be completed by May 2017, Finance Magnates has learned.
Colmex is controlled by Meir Barak, who owns 51% of the company. Following the Protrade and Matach24 purchases, Yariv Gilat and Zvi Forer will own the remaining 49%. Speaking with Finance Magnates, a source within Colmex hinted as to the direction in which the company is heading: “The composition of shareholders shows that the company will explore in a most profound manner the possibility to become the first public listed online trading company in Israel.”
SquaredFinancial Launches New Partnership ProgrammeGo to article >>
6 out of 21
Colmex, which was the latest brokerage to be granted an Israeli forex license last November, almost 2 months after the first batch of 5 brokers were authorized to operate in Israel, is becoming dominant in the local market with the Protrade acquisition added to its buying of Smart Capital last June and Matach24 in December 2016.
The licensing procedure of the Israeli forex market has come to an end with the expected approval of the aforementioned deal by the ISA. The licensing process, which began in May 2015 with 21 applications, ended up with only 6 brokers granted a license – ATRADE, FXCM Israel, REAL FOREX, FIRST INDEX and Plus500.