One Financial Markets, a London-based forex and contracts for difference (CFDs) broker, said on Tuesday it has received a status as a licensed forex broker by the Securities and Futures Commission (SFC) of Hong Kong. The broker has opened an office in Hong Kong which will service clients in China and Southeast Asia.
The move will help One Financial Markets strengthen its presence in the Asia-Pacific region.
According to the SFC’s website, the Hong Kong-based unit of the broker, One Financial Markets Asia Ltd., was granted on 31 October, 2016, a license for operating as a leveraged foreign exchange trading provider.
“The SFC authorisation strongly reflects One Financial Markets’ commitment to providing clients in China and South-East Asia with better access to professional trading solutions as the increasing demand for better products and services in the region continues to grow in parallel with the advance in financial technologies,” said Brian Tsui, head of One Financial Markets Asia. “Our new Hong Kong office will enable us to respond promptly and professionally with dedicated support and service provided within the Asia-focused time zone,” he noted, adding that the new office will play an important role in our company’s global expansion plans.
One Finacial Markets is a brand of C B Financial Services, a UK company founded in 2007. The brokerage is regulated by UK’s Financial Conduct Authority (FCA) and South Africa’s Financial Services Board (FSB). Although established and headquartered in London, One Financial Markets is oriented towards the markets in the Middle East. It has wholly owned and affiliate offices throughout the Middle East, Europe and Central and South East Asia.
The group of companies offer trading in forex and CFDs on a number of instruments, including forex, bullion, indices, commodities, treasuries, and energy to retail and institutional investors alike.
Hong Kong’s SFC is a statutory body authorized to license, supervise, and discipline entities, including brokers, investment advisors, fund managers and financial intermediaries, that operate on the local securities and futures markets.
Hong Kong is the fourth largest forex markets after the UK, the US, and Singapore. The process for obtaining a SFC license is rather prolonged and complicated. It requires prospective licensees to submit a wide range of documents and meet a number of requirements, including such related to the management of the company and its accounting policies, in addition to a liquid capital of a minimum HK$5.0 million.