Global brokerage group, Equiti announced on Wednesday that it has received an OTC Derivatives and Foreign Exchange Spot Markets license from the UAE Securities and Commodities Authority (SCA), thus further strengthening its licensing in the Middle East.
The license was granted to Equiti Securities Currencies Brokers LLC, which is a subsidiary of Equiti Group. It has gained the status of a Catagory One status under the SCA’s licensing regime.
“Equiti is thrilled to be one of the first global brokers to be awarded this new category license by the UAE’s Securities and Commodities Authority,” said Iskandar Najjar, Equiti Group’s Co-Founder and CEO.
“Our vision is to create a best-in-class client experience, and regional oversight by the UAE’s global standard of regulation is core to achieving this. Equiti Group is extremely pleased to contribute to the UAE’s flourishing success and its progressively developing financial sector.”
Also, the broker pointed out that the SCA has stringent requirements for the license that includes higher paid-up capital. All the requirements put the license on par with any other top-tier global financial market regulator.
Strengthening the Licensing Arsenal
Equiti Group is one of the heavily regulated broker groups. Apart from the UAE, it is licensed in several jurisdictions including the United Kingdom, Jordan, Kenya, Seychelles and Armenia.
The announcement further revealed that the UAE entity of the group already employs around 80 staff members in several roles.
“With the addition of our new UAE SCA license, our clients in the region can be confident that they are dealing with one of the most well-regulated and progressive brokers in the Middle East,” Mohamed Al-Ahmad, the CEO of Equiti Securities Currencies Brokers and Co-founder of Equiti Group, said.
Gaurang Desai, Equiti Group’s Managing Director of Strategy, said: “The UAE has always been a pioneer in drafting regulation and in leading the way in developing the industry across multiple asset classes; more recently digital assets.
“We are excited to collaborate with the regulatory bodies in developing a safe, sustainable and globally comparable investment industry in the UAE.”
