CySEC-regulated forex broker easyMarkets has expanded its service offering to target the growing opportunities in South Africa, one of the fastest growing and most vibrant regions in the world.
easyMarkets has secured a derivatives license issued by the Financial Sector Conduct Authority (FSCA). The approval allows the firm to act as an OTC derivative provider and therefore is permitted, under regular features of its business, to ‘originate, issue, sell or make a market in OTC derivatives’.
easyMarkets said it finds several motivations to operate in South Africa which include the favourable business climate and the progressive nature of the country’s legal system in regard to international brokerage companies.
Commenting on the new license, easyMarkets CFO Koula Lamprou said: “Obtaining the FSCA license is a testament to easyMarkets’ strict compliance with financial, operational, and ethical standards, underscoring our commitment to maintaining the integrity of South Africa’s financial markets. This achievement solidifies our reputation and reinforces our reliability in the eyes of our clients and partners worldwide.”
According to the local laws, easyMarkets is required to appoint registered representatives in the country, at least one key individual and a compliance officer to effectively take part in company management.
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Forex brokers in South Africa are overseen by the financial sector conduct authority, which approves the firms that can operate within the jurisdiction. The FSCA handles the issuance of licenses and can sanction companies that violate guidelines of the nation’s dual regulation system.
South Africa enjoys a strong and well-organized financial market and therefore has become a popular destination for brokers looking to expand. It is one of the world’s top ten capital markets and boasts thousands of investors. The country itself is a diverse market that is largely devoid of the market saturation seen in other jurisdictions such as Europe.
Founded in 2003 and presently operating in 160 countries, easyMarkets is a multi-asset financial trading brand. In 2019, the company exited the Polish market and withdrew registration of its Polish branch Easy Forex Trading Sp. Zoo., located at Warsaw Financial Center.
easyMarkets indicated that it operates a broadly diversified business, spanning across different regulatory jurisdictions.
