Estonian-headquartered FX and CFDs broker Admiral Markets has expanded its offerings in Canada after gaining a license from the country’s regulator.
Following the license, the company has now become a member of the Investment Industry Regulatory Organization of Canada (IIROC).
Also, the Canadian Investor Protection Fund (CIPF) has been charged with the responsibility of protecting Canadian clients’ funds of Admirals.
IIROC oversees the debt and equity markets in Canada, which includes trading activity, brokers, and investment dealers.
A Strategic Benchmark For Admiral Market
Chief Executive Officer of Admirals Markets, Sergei Bogatenkov, commented on the development. He noted that the license is the first for the company in North America, adding that it is a strategic benchmark for Admiral Markets.
Additionally, Bogatenkov stated that the new license is part of the company’s goal to reposition itself in the global CFDs market.
The new license has equipped Admiral Markets to offer execution-only services in CFDs to clients in British Columbia and Ontario. The only shortfall is the fact that the services will be limited to only the two states. However, other states will not be left out for too long as the company plans to extend the services soon. The goal is to offer FX and CFD services to all states in the country and other regions in North America as well.
Admiral Markets To Offer Unique Products In The Market
Additionally, Admiral Markets stated that it will be observing the demand for its products and offerings in the Canadian market and offer more improved products to make itself unique in the market.
The company is currently operating only in European markets and some other overseas markets outside the continent using its local licensesBogatenkov stated that the broker has opened new regions during the past few years, enabling them to have more access t the global financial market. The recent license is evidence that the company is seriously looking to expand globally.
But its expansion plans to other regions have not started yielding the much-desired revenue yet. The company announced a 43% fall in its revenue for 2021.