One Financial Markets, a London-based forex and contracts for difference (CFDs) broker, announced on Monday it has received authorization from the Dubai Financial Services Authority (DFSA) to operate as forex service provider. The broker has also opened an office in Dubai.
“Obtaining a full retail license from one of the most highly respected regulatory bodies in the region is a landmark achievement for One Financial Markets,” said Andrew Henderson, the broker’s CEO. “We are truly honored to have our regional office in the Dubai Financial District. [Dubai] is the ideal choice for major financial institutions seeking to expand their activities to target more than 3 billion people across 72 countries in the Middle East, North Africa and South Asia regions, with financial markets valued at approximately US$7.4 trillion,” he added.
According to the DFSA register, the broker has a unit called One Financial Markets (DFSA) which is licensed as of 16 March, 2017. It is authorized to provide retail clients credit and advising on credit services, arranging deals in investments, and investment in options and futures.
In the Middle East and Asia, One Financial Markets has more than 30,000 clients. The DFSA is the regulatory authority for the Dubai International Finance Center (DIFC).
Henderson compared the regulation in UAE to that of the UK, where One Financial Markets is based. The new Dubai office is a key one in the firm’s network, next to its London head office and the recently incorporated Hong Kong office.
“The financial legislative environment across the UAE, especially at DIFC, is no different in strength and sophistication to that of London. This has prompted our company to relocate its regional headquarters in the Emirate of Dubai,” the broker’s CEO noted.
One Finacial Markets is a brand of C B Financial Services, a UK company founded in 2007. The brokerage is also 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.