The Financial Commission today announced the launch of a new Arabic-language offering as part of its latest drive to encourage traders and brokers across the broader Middle East market to utilize its dispute resolution services.
The new localized service enables the Commission’s broker member clients to submit any questions or complaints directly in Arabic.
By introducing Arabic language capacity, Financial Commission is prioritizing the needs of the region’s customers and demonstrating its ability to provide both brokers and traders with resolution and certification services in their native language. The latest addition expands the Commission’s existing offering which currently includes seven languages: English, Russian, Chinese, Spanish, Turkish, Thai and Indonesian.
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The release of the Arabic service comes shortly after the Financial Commission substantially increased the maximum amount assured under its Compensation Fund.
The decision will benefit clients of the Commission’s contributing members, which include international online brokerages that participate in global foreign exchange (forex), derivatives and cryptocurrency markets.
Specifically, the Compensation Fund increased its maximum coverage amount to 20,000 euro ($24,500) per client of an A-Category Member. For the claims sought by clients of a B-Category Member, the maximum amount recoverable by a claimant was hiked to 5,000 euro ($6,119). This represents an increase of over 20 percent in US dollar terms.
Chairman of the Board, Peter Tatarnikov commented on the news: “We have been exploring the opportunities in the Middle Eastern region for some time now because we see a growing Forex market with brokers launching local operations in the country. We also continue to experience a growing interest from Arabic-speaking traders who seek our help in resolving questions they have about trading, investing and their current broker of choice. So today we have taken an important step forward and will provide traders in the region the same dedicated support that we provide as an organization in other regions.”