5 Retail Forex brokers obtain ISA license, as the Israeli watchdog announced the grant of Trading Arena License to a number of firms. Will the remaining 3 firms acquire the ISA license?
29 September, AtoZForex – The Israel Securities Authority (ISA) is the main regulator in the Israeli jurisdiction. The Israeli watchdog has announced that it is granting its Trading Arena License to five firms from the list of applicants.
5 Retail Forex brokers obtain ISA license
ISA has been reviewing the applications for licensing from various brokers. Initially, in the very beginning of the process, the number of applications from brokers was recorded as 21. The Israeli regulator has rejected seven applications by the financial firms, where another six applications were withdrawn by firms’ themselves for various reasons.
The Israeli watchdog has finally granted the long-awaited license to five firms, namely ATRADE, FXCM Israel, FIRST INDEX, Plus 500 and REAL FOREX. There broker companies are now fully authorized by the ISA and are approved to promote the retail margin services to Israeli residents.
The freshly received license was commented by the CEO of FXCM Israel, Avi Abuganny. As 5 Forex brokers obtain ISA license, Mr, Abuganny said that he is glad about the event, adding:
“As part of the supporters of the regulatory process from its beginning, we believe it will change for the better the face of the market and will create trading opportunities that are regulated, transparent and stable for the trading public in Israel. We intent on continuing to offer our clients the best tools, service, and support at the highest level.”
Will more follow?
Any financial services provider or operator should possess the Trading Arena License by the Israeli watchdog. In order to gain the license from the ISA, firms are demanded to fulfill the number of requirements, such as:
-Bonuses’ and gifts’ grants to clients is prohibited.
-Deposits by clients are allowed to be made by bank/wire transfer or credit card only, not by debit card.
-The process of clients’ reviewing and signing a conflicts-of-interest policy should take place at least once each year.
-Leverage limits are as follows: 100:1 on Forex pairs and Gold trading, 40:1 on Equity Indices, 20:1 on all other instruments
Moreover, the remaining three firms, PROTRADE, Trade Capital Markets Ltd and Colmex, are still waiting for the approval from ISA.
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