Israeli forex brokerage First Index CEO Baruch Toledano has been replaced by Hanan Tabakaro, according to a company filing. The broker has also secured Dave Barzilai as its new Vice President of Sales.
According to his Linkedin profile, Mr. Toledano was appointed CEO of First Index back in October 2014. He was acting as the company’s Risk Manager in tandem with this role.
Both changes will be effective July 15th, 2017.
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Before joining First Index, originally as a business adviser, Mr. Tabakaro acted as managing director at two Hong Kong based companies – Loomes Intl. Hong Kong and Brinks Hong Kong.
First Index is one of six forex brokers authorized to on-board Israeli citizens, after it was granted a Trading Arena license by the Israeli Securities Authority (ISA) last September. The brokerage offers foreign exchange, CFDs and commodity trading with the MetaTrader 4 platform.
After Israeli lawmakers gave the ISA the mandate to regulate the forex market, 21 firms applied for a license. The regulators rejected the applications of seven firms and six more withdrew their applications themselves. A few months after ATRADE, FXCM Israel, REAL FOREX, FIRST INDEX and Plus500 were given authorization to operate in Israel, TGL Colmex Capital joined the list.
With its new local license, TGL Colmex Capital increases its presence in the Israeli forex market by acquiring its rival forex brokers Matach24 and Protarde, which were still in the licensing process as the Israeli markets consolidated.
Finance Magnates has reached out to First Index for a comment and will update the article when one is received.