Plus500 (LON: PLUS) has entered the Canadian markets by obtaining a licence from the Canadian Investment Regulatory Organisation (CIRO), the retail broker announced today (Monday). The licence came under the broker’s ongoing expansion efforts in North America.
Expanding Market Reach
“This is the latest realisation of our strategy to enter new markets, develop new products, and deepen engagement with our customers,” said David Zruia, Plus500’s CEO.
“This development highlights our strategic focus on broadening our product suite and expanding our market reach, while ensuring the highest standards of compliance and operational excellence.”
The broker highlighted that it will use the local licence to initiate services within the country’s over-the-counter (OTC) market. It aims to further expand its local proposition by offering an omni-channel suite of products.
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The Expansion of Plus500
The Canadian licence came in around two months after the broker gained a licence in the United Arab Emirates, specifically from Dubai’s Securities and Commodities Authority (SCA). The Israeli broker now has 15 regulatory authorisations, including the latest Canadian licence.
Plus500’s push in North America started with the United States. It entered the country by acquiring two entities of the same group: Cunningham Commodities and Cunningham Trading Systems. The deal was closed for $30 million, which the Israeli broker paid from its growing cash reserves.
Although Plus500 is known for offering contracts for differences (CFDs), it focuses on the American futures markets. It recently extended its reach in the US by forming a partnership with Barchart, a US-based market data and technology provider.
Plus500's Share Dealings
Another the filing by Plus500 revealed that Choh Tong Goh, the CEO of the broker's Singapore entity, sold 2,401 units of PLUS shares worth over £224K.
FinanceMagnates.com recently reported that American asset management firm Capital Group bought a 5.44 per cent stake in Plus500, becoming its third-largest shareholder. Although the monetary value of the deal was not disclosed, the market value of the acquired shares was £133.1 million (around $181 million) on the day of disclosure.
