13 April 2022 – Equiti has become one of the first global brokers to be granted with an Over-the-Counter Derivatives and Currencies in the Spot Market license by the UAE Securities and Commodities Authority (SCA); Equiti Securities Currencies Brokers LLC is a subsidiary of the Equiti Group, a provider of multi-asset financial products and online trading technology.
This newly introduced activity is for licensing Over-the-Counter Derivatives and Currencies in the Spot Market license under Category One of SCA’s Regulations Manual of the Financial Activities – or ‘licensing rulebook’.
Iskandar Najjar, Co-founder and CEO of Equiti Group, commented on being granted the license, “Equiti is thrilled to be one of the first global brokers to be awarded this new category license by the UAE’s Securities and Commodities Authority.
“Our vision is to create a best-in-class client experience and regional oversight by the UAE’s global standard of regulation is core to achieving this. Equiti Group is extremely pleased to contribute to the UAE’s flourishing success and its progressively developing financial sector.”
The stringent requirements set by SCA, including the higher paid-up capital requirements for this activity, have brought the UAE on par with global regulatory standards and position the SCA as a top-tier regulator in the advanced financial markets of the Middle East and UAE.
Mohamed Al-Ahmad, CEO of Equiti Securities Currencies Brokers LLC, and Co-founder of Equiti Group, added, “With the addition of our new UAE SCA license, our clients in the region can be confident that they are dealing with one of the most well-regulated and progressive brokers in the Middle East.
“We are proud to be operating in the UAE, a market that is committed to world class regulation and implementing global best practices, and that shares our values about environmental concerns, social responsibility, and good governance.”
Equiti Group’s UAE entity currently employs over 80 specialists with talented members of its data, business development, product and innovation, sales, regional client service and retail operations teams who support its evolving global business from Dubai in English or Arabic.
Regulation and compliance are a key part of Equiti Group’s global growth strategy. Equiti’s new SCA license will fortify the company’s international trajectory as the Group continues to apply for new licenses in various global locations to enter new markets with the right governance in place.
Equiti Securities Currencies Brokers LLC is regulated by UAE SCA as a Category One Broker for Over-the-Counter Derivatives Contracts and Foreign Exchange Spot Markets, under license number 20200000026.
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