Equiti Group is further committing to an expansion effort in the wider Middle East region with a new license acquisition. The company has just announced that it received a license from the Jordan Securities Commission (JSC). The firm’s effort is the first successful conclusion to the process for a retail trading brokerage in 10 years.
The company is awarded a JSC brokerage license, which allows it to provide financial advisory and brokerage services in the local and international markets. The permit also allows Equiti to be a member of the Amman Stock Exchange (ASE).
Commenting on the news, CEO of Equiti Group Iskandar Najjar said: “Our market entry into Jordan supports Equiti’s global growth strategy to expand our business into new regions in 2018 as well as deliver new product offerings.”
“We are particularly pleased that this type of license provides Equiti with the opportunity to lead the way in advancing the capital markets in Jordan and the greater Levant region,” Mr. Najjar added.
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Broader Push into the Levant Region
Elaborating on the company’s plans, Najjar said that the move was planned after a thorough market analysis. The firm is committed to Jordan and believes that the JSC license offers significant market potential in an investor-friendly environment.
The area surrounding Jordan, commonly known as the Levant region, includes several undeveloped markets. The most populous countries are Syria, Lebanon, and, according to the modern definition of the area, also Iraq. The market is in its infancy and represents a very dynamic region with the license form the JSC adding significant brand value from a trusted authority in the region.
“The Ministry of Finance is very welcoming to new opportunities and encourages new flows of business opportunities. The JSC operates in compliance with international standards and best practices, with the overall objective to maintain a sound investment environment. It encourages attracting and protecting investors and provides a transparent and fair market,” the company said in an official statement.
The Managing Director of Equiti MENA, Mohammed Al Ahmad, added: “Jordan has been a pioneer in the online trading industry in the region. Through the JSC, Jordan has actively been working over the past few years to establish regulatory controls that allow online trading brokerages to operate in a now tightly regulated environment.”
“Granting a license to Equiti shows a willingness on the part of the Jordan Securities Commission (JSC) to open the local market to financial trading instruments that will advance and deepen the financial markets in Jordan, and importantly to establish regulatory controls that will protect consumers in the trading environment,” Mr. Al Ahmad elaborated.
The FCA-regulated firm is already adhering to local standards and is preparing to start its operations.