Foreign exchange (forex) and contracts for difference (CFD) broker AvaTrade has revealed exclusively to Finance Magnates this Monday that it has secured a license from the Abu Dhabi Global Markets (ADGM) Financial Regulatory Services Authority (FRSA).
AvaTrade Middle East Ltd (FSPN 190018), part of the Ava Group, has received the new license. In particular, ADGM has issued the FX broker with a full Category 3A license (No. 190018).
According to the statement provided by the firm, AvaTrade is the first broker ever to be issued such a license, as it allows the company to service both retail and professional clients. It is also the ninth global license received by the Group.
AvaTrade embraces regulatory change
Speaking to Finance Magnates, AvaTrade’s CEO, Daire Ferguson, said: “As regulation continues to shape the future of our industry, AvaTrade clients can be confident of trading with a broker that embraces regulatory change as a strategic objective.”
“Our licence under the ADGM is a further demonstration of this commitment to provide our clients with the safest and most secure trading environment everywhere on the planet.”
Introducing Axiory Intelligence, an Independent Market News-ProviderGo to article >>
As highlighted by the company in the statement seen by Finance Magnates, the new license will allow the Ava Group to strengthen its brand in the Middle East and, in particular, the United Arab Emirates.
“We are delighted to allow even more traders and business partners in the Middle East to enjoy everything we have to offer; from innovative technologies, state-of the-art mobile applications, Islamic accounts, lucrative affiliation programmes and superb trading conditions. This new ADGM regulation is yet another one of many exciting endeavours AvaTrade is pursuing,” Ferguson explained in the statement.
The new Abu Dhabi office is located in the Abu Dhabi Global Market Square. Leading the company will be Senior Executive Officer, Mohamed Ahmed.
“Mohamed brings vast experience in the financial field, and we are certain he will be a true asset for the AvaTrade brand and our local clientele in the region,” added Ferguson.
“As a global Manchester City FC partner, which is also headquartered in Abu Dhabi – it seems fitting for AvaTrade to establish a physical presence in Abu Dhabi and the UAE – as part of our longer-term strategic objectives for the Arabic region.”