Equiti has become one of the first global brokers to be granted with an OTC Derivatives and Foreign Exchange Spot Markets licence by the UAE Securities and Commodities Authority (SCA).

Equiti Securities Currencies Brokers is a subsidiary of the Equiti Group, a world-class provider of multi-asset financial products and online trading technology.

This newly introduced activity is for licensing Over-The-Counter (OTC) Derivatives and Foreign Exchange Spot Markets under Category One of SCA’s Regulations Manual of the Financial Activities – or ‘licensing rulebook’.

On the licence win, Iskandar Najjar, Co-founder and CEO of Equiti Group, said: "We are thrilled to be one of the first global brokers to be awarded this new category licence by the SCA. 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," he stated.

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 positions the SCA as a top tier regulator in the advanced financial markets of the Middle East and UAE.

Mohamed Al Ahmad, the CEO of Equiti Securities Currencies Brokers and Co-founder of Equiti Group, said: "With the addition of our new UAE SCA licence, 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," he added.

Gaurang Desai, the Managing Director (Strategy) at Equiti Group, said: "The UAE has always been a pioneer in drafting regulation and in leading the way in developing the industry across multiple asset classes; more recently digital assets."

"We are excited to collaborate with the regulatory bodies in developing a safe, sustainable and globally comparable investment industry in the UAE," he added.

Copyright 2022 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (Syndigate.info).