XTB MENA Receives a License from the Dubai Financial Services Authority
- XTB MENA is now allowed to operate from Dubai by offering its services to clients in the Middle East and North Africa.
X-Trade Brokers, known by its trade name XTB, has been granted through its branch XTB MENA a category three license from the Dubai Financial Services Authority (DFSA) to operate in the country. According to the announcement made on Tuesday, the green light was given by the financial watchdog on July 8.
With the next step in the regulatory process, the broker will be expanding its offering to clients in the Middle East and North Africa, the firm said in a press release. The announcement has been hinted at by XTB since the start of the year, but most recently, in April.
"Today we have made a very significant step in continuing our global development strategy by obtaining the DFSA license, which allows XTB to offer its services to clients in the MENA region," XTB CEO, Omar Arnaout, said in a statement.
At the start of the year, the broker said it was seeking a license from the Dubai Financial Services Authority after incorporating its new subsidiary XTB MENA Limited in the Dubai International Financial Center (DIFC). The addition of this coveted license extends the group’s regulatory arsenal to include regulated companies authorized by CySEC CySEC The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision and control of the Cyprus Stock Exchange as well as transactions executed in the Stock Exchange, its listed companies, brokers and brokerage firms.Furthermore, the regulator also supervises and monitors Licensed Investment Services Companies, Collective Investment funds, investment consultants. and mutual fund management companies.CySEC’s Role in Combatting Market AbuseOne of CySEC’s most important functions is the granting of operation licenses to investment firms, including investment consultants, brokerage firms and brokers. This includes provisions for Cyprus Investment Firms (CIF), who provide and perform investment services and activities either within Cyprus or abroad on a professional basis on certain financial instruments.Finally, CySEC oversees the imposition of administrative sanctions and disciplinary penalties to brokers, brokerage firms, and investment consultants, among others. The group has been a key force in policing the forex and binary options space, which has included several legal actions and curb market abuse. Since 2016, CySEC has sought to take a more aggressive stance against illicit behavior, while also strengthening its handling of investor complaints against entities. CySEC is currently chaired by Demetra Kalogerou, who has held the role since 2011.The CySEC is administered by a seven-member Board, which consist of the Chairman and Vice-Chairman, each of whom provide their services on a full and exclusive employment basis, and five additional non-executive members.All individuals on CySEC’s Board are appointed by the Council of Ministers following a proposal of the Minister of Finance. Their service reflects a five-year term. The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision and control of the Cyprus Stock Exchange as well as transactions executed in the Stock Exchange, its listed companies, brokers and brokerage firms.Furthermore, the regulator also supervises and monitors Licensed Investment Services Companies, Collective Investment funds, investment consultants. and mutual fund management companies.CySEC’s Role in Combatting Market AbuseOne of CySEC’s most important functions is the granting of operation licenses to investment firms, including investment consultants, brokerage firms and brokers. This includes provisions for Cyprus Investment Firms (CIF), who provide and perform investment services and activities either within Cyprus or abroad on a professional basis on certain financial instruments.Finally, CySEC oversees the imposition of administrative sanctions and disciplinary penalties to brokers, brokerage firms, and investment consultants, among others. The group has been a key force in policing the forex and binary options space, which has included several legal actions and curb market abuse. Since 2016, CySEC has sought to take a more aggressive stance against illicit behavior, while also strengthening its handling of investor complaints against entities. CySEC is currently chaired by Demetra Kalogerou, who has held the role since 2011.The CySEC is administered by a seven-member Board, which consist of the Chairman and Vice-Chairman, each of whom provide their services on a full and exclusive employment basis, and five additional non-executive members.All individuals on CySEC’s Board are appointed by the Council of Ministers following a proposal of the Minister of Finance. Their service reflects a five-year term. Read this Term in Cyprus, the KNF in Poland and the FCA in the United Kingdom.
Advantages of the New License
This new license will allow XTB to provide its range of FX and CFDs products to retail and professional clients not only from the UAE but also to expand the offering to the other GCC states, meaning Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and North Africa.
The Dubai International Financial Centre (DIFC) is a financially free federal area, wholly separated from the rest of the country and features its own legal system and courts. Also, The DFSA has been receiving increased interest from authorized firms and global brokers to offer FX trading to retail customers in or from the DIFC.
"With XTB entering the MENA region, local investors gained a partner many had been waiting for – a trustworthy, experienced global financial institution with a solid and successful track record from numerous regulated markets," said Achraf Drid, who will run XTB MENA as its Senior Executive Officer.
"XTB is a perfect match for local investors - being a trusted stock listed company offering high level of investment possibilities - a true one-stop-shop for investors."
X-Trade Brokers, known by its trade name XTB, has been granted through its branch XTB MENA a category three license from the Dubai Financial Services Authority (DFSA) to operate in the country. According to the announcement made on Tuesday, the green light was given by the financial watchdog on July 8.
With the next step in the regulatory process, the broker will be expanding its offering to clients in the Middle East and North Africa, the firm said in a press release. The announcement has been hinted at by XTB since the start of the year, but most recently, in April.
"Today we have made a very significant step in continuing our global development strategy by obtaining the DFSA license, which allows XTB to offer its services to clients in the MENA region," XTB CEO, Omar Arnaout, said in a statement.
At the start of the year, the broker said it was seeking a license from the Dubai Financial Services Authority after incorporating its new subsidiary XTB MENA Limited in the Dubai International Financial Center (DIFC). The addition of this coveted license extends the group’s regulatory arsenal to include regulated companies authorized by CySEC CySEC The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision and control of the Cyprus Stock Exchange as well as transactions executed in the Stock Exchange, its listed companies, brokers and brokerage firms.Furthermore, the regulator also supervises and monitors Licensed Investment Services Companies, Collective Investment funds, investment consultants. and mutual fund management companies.CySEC’s Role in Combatting Market AbuseOne of CySEC’s most important functions is the granting of operation licenses to investment firms, including investment consultants, brokerage firms and brokers. This includes provisions for Cyprus Investment Firms (CIF), who provide and perform investment services and activities either within Cyprus or abroad on a professional basis on certain financial instruments.Finally, CySEC oversees the imposition of administrative sanctions and disciplinary penalties to brokers, brokerage firms, and investment consultants, among others. The group has been a key force in policing the forex and binary options space, which has included several legal actions and curb market abuse. Since 2016, CySEC has sought to take a more aggressive stance against illicit behavior, while also strengthening its handling of investor complaints against entities. CySEC is currently chaired by Demetra Kalogerou, who has held the role since 2011.The CySEC is administered by a seven-member Board, which consist of the Chairman and Vice-Chairman, each of whom provide their services on a full and exclusive employment basis, and five additional non-executive members.All individuals on CySEC’s Board are appointed by the Council of Ministers following a proposal of the Minister of Finance. Their service reflects a five-year term. The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision and control of the Cyprus Stock Exchange as well as transactions executed in the Stock Exchange, its listed companies, brokers and brokerage firms.Furthermore, the regulator also supervises and monitors Licensed Investment Services Companies, Collective Investment funds, investment consultants. and mutual fund management companies.CySEC’s Role in Combatting Market AbuseOne of CySEC’s most important functions is the granting of operation licenses to investment firms, including investment consultants, brokerage firms and brokers. This includes provisions for Cyprus Investment Firms (CIF), who provide and perform investment services and activities either within Cyprus or abroad on a professional basis on certain financial instruments.Finally, CySEC oversees the imposition of administrative sanctions and disciplinary penalties to brokers, brokerage firms, and investment consultants, among others. The group has been a key force in policing the forex and binary options space, which has included several legal actions and curb market abuse. Since 2016, CySEC has sought to take a more aggressive stance against illicit behavior, while also strengthening its handling of investor complaints against entities. CySEC is currently chaired by Demetra Kalogerou, who has held the role since 2011.The CySEC is administered by a seven-member Board, which consist of the Chairman and Vice-Chairman, each of whom provide their services on a full and exclusive employment basis, and five additional non-executive members.All individuals on CySEC’s Board are appointed by the Council of Ministers following a proposal of the Minister of Finance. Their service reflects a five-year term. Read this Term in Cyprus, the KNF in Poland and the FCA in the United Kingdom.
Advantages of the New License
This new license will allow XTB to provide its range of FX and CFDs products to retail and professional clients not only from the UAE but also to expand the offering to the other GCC states, meaning Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and North Africa.
The Dubai International Financial Centre (DIFC) is a financially free federal area, wholly separated from the rest of the country and features its own legal system and courts. Also, The DFSA has been receiving increased interest from authorized firms and global brokers to offer FX trading to retail customers in or from the DIFC.
"With XTB entering the MENA region, local investors gained a partner many had been waiting for – a trustworthy, experienced global financial institution with a solid and successful track record from numerous regulated markets," said Achraf Drid, who will run XTB MENA as its Senior Executive Officer.
"XTB is a perfect match for local investors - being a trusted stock listed company offering high level of investment possibilities - a true one-stop-shop for investors."