Recently, XTB secured a Chilean licence to offer products locally in the country.
A flag of Chile
Plus500 (LON: PLUS) is continuing its expansion in the Americas and is now seeking a licence in Chile, FinanceMagnates.com has learned. It has already established a local entity in the South American country.
Plus500’s Americas Push
The Israeli broker’s possible expansion into the Latin American markets came after establishing itself in the US retail futures trading market. Recently, it obtained a Canadian licence that allows the broker to offer over-the-counter (OTC) instruments locally.
David Zruia, CEO of Plus500
In its latest financials, Plus500 mentioned that its “strategic objectives include expanding into new markets” and added, “The Group will also continue to allocate substantial financial and operational resources to this business as it expands its operations beyond the US.”
Meanwhile, Plus500 is not the only broker to head towards Chile. Its rival XTB has also obtained licences from the country’s regulator.
“Chile stands out as a key player in XTB’s global growth vision, and I eagerly anticipate welcoming many new clients who will be onboarded under our new licence,” XTB’s CEO, Omar Arnaout, earlier said.
While the Chilean regulator has created a functioning path to regulate contracts for differences (CFD) brokers, most of the neighbouring countries still do not regulate this industry.
However, several other brokers have also established a physical local presence in Chile and other neighbouring countries, but do not hold any local licences. Many are targeting Brazil and Mexico because of their large market size.
Meanwhile, Israel-headquartered Plus500 is also expanding in the Asian markets. It obtained a licence in the United Arab Emirates, specifically from Dubai’s Securities and Commodities Authority (SCA), earlier this year, and also secured a new commodities licence in Japan, which will allow it to expand its OTC offering to the commodities asset class.
The Israeli broker also decided to acquire an Indian broker earlier this year for $20 million to tap into the country’s options and futures market.
Plus500 (LON: PLUS) is continuing its expansion in the Americas and is now seeking a licence in Chile, FinanceMagnates.com has learned. It has already established a local entity in the South American country.
Plus500’s Americas Push
The Israeli broker’s possible expansion into the Latin American markets came after establishing itself in the US retail futures trading market. Recently, it obtained a Canadian licence that allows the broker to offer over-the-counter (OTC) instruments locally.
David Zruia, CEO of Plus500
In its latest financials, Plus500 mentioned that its “strategic objectives include expanding into new markets” and added, “The Group will also continue to allocate substantial financial and operational resources to this business as it expands its operations beyond the US.”
Meanwhile, Plus500 is not the only broker to head towards Chile. Its rival XTB has also obtained licences from the country’s regulator.
“Chile stands out as a key player in XTB’s global growth vision, and I eagerly anticipate welcoming many new clients who will be onboarded under our new licence,” XTB’s CEO, Omar Arnaout, earlier said.
While the Chilean regulator has created a functioning path to regulate contracts for differences (CFD) brokers, most of the neighbouring countries still do not regulate this industry.
However, several other brokers have also established a physical local presence in Chile and other neighbouring countries, but do not hold any local licences. Many are targeting Brazil and Mexico because of their large market size.
Meanwhile, Israel-headquartered Plus500 is also expanding in the Asian markets. It obtained a licence in the United Arab Emirates, specifically from Dubai’s Securities and Commodities Authority (SCA), earlier this year, and also secured a new commodities licence in Japan, which will allow it to expand its OTC offering to the commodities asset class.
The Israeli broker also decided to acquire an Indian broker earlier this year for $20 million to tap into the country’s options and futures market.
Arnab Shome is an electronics engineer-turned-financial editor. He holds a Bachelor of Technology from the National Institute of Technology, Agartala. He entered the retail trading industry about a decade ago, covering the cryptocurrency market for Finance Magnates, and later expanded his coverage to include forex and CFDs as well.
His work at Finance Magnates includes C-level interviews, data-driven analysis, opinion pieces, and scoops of industry exclusives. He also contributes to Finance Magnates’ quarterly industry report.
Area of coverage:
1. CFD broker-related news
2. Industry-related Regulatory updates and developments
3. New retail trading trends
4. Prop trading industry updates
5. Executive interviews
Education:
Bachelor of Technology - National Institute of Technology, Agartala (India)
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