UAE’s SCA grants one of first OTC licenses to global broker Equiti
13 April 2022; Dubai, UAE – 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 world-class 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’.
On this occasion, Iskandar Najjar, Co-founder and CEO of Equiti Group, remarked: “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.
About Equiti Securities Currencies Brokers LLC
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.
About Equiti Group
Equiti Group’s global footprint includes local offices in Europe, the UK, the Middle East, the Americas, Africa, and the Asia Pacific regions and provides trading support and services on the world’s leading trading platforms MT4 and MT5.
Regulated entities within Equiti Group include Equiti Capital UK Ltd regulated by the UK’s Financial Conduct Authority, Equiti Securities Currencies Brokers LLC regulated and licensed by the UAE’s Securities and Commodities Authority, Equiti Group Limited Jordan, regulated and licensed by the Jordan Securities Commission, EGM Futures DMCC, regulated and licensed by UAE's Security and Commodities Authority, EGM Securities Ltd regulated and licensed by Kenya’s Capital Markets Authority, Equiti Brokerage (Seychelles) Limited regulated and licensed by the Seychelles Financial Services Authority and Equiti AM CJSC, regulated and licensed by the Central Bank of Armenia.