Abstract：ATFX's acquisition of Khwezi Financial Services marks a pivotal step in its expansion into the dynamic South African market.
ATFX, a global brokerage firm, has strategically broadened its scope to tap into the burgeoning opportunities within South Africa, a region marked by rapid growth and vibrancy on the global stage.
This expansion came through ATFX's acquisition of Khwezi Financial Services, effectively granting the firm an Over-the-Counter Derivative Provider (ODP) license in South Africa. This pivotal move authorizes ATFX to engage as an OTC derivative provider, enabling activities encompassing the creation, issuance, sale, and market-making of OTC derivatives.
Securing the ODP license, sanctioned under the Financial Markets Act no.19 of 2012 by the Financial Sector Conduct Authority (FSCA), holds pivotal significance for lawful engagements in the OTC derivatives market, notably involving contracts for difference (CFDs).
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In South Africa, oversight of forex brokers falls under the purview of the financial sector conduct authority, which sanctions the firms permitted to operate within the jurisdiction. Through the FSCA, licensing is granted, and companies violating the nation's dual regulation system guidelines can face sanctions.
ATFX Chairman Joe Li emphasized that the acquisition of Khwezi Financial Services signifies the company's advancement toward significant growth in the South African market. He underscored the firm's dedication to offering competitive spreads, cutting-edge technological platforms, customer-centric support, and an aim to bolster liquidity in the African institutional business. Joe Li also stated that by leveraging their combined resources and expertise, ATFX aims to establish leadership in the industry, providing innovative trading opportunities and services to a wider array of customers in the African market.
ATFX articulated several motivations for venturing into South Africa, citing the favorable business environment and the country's progressive legal framework concerning international brokerage firms.
This strategic move aligns with ATFX's recent phase of expansion, characterized by geographical proliferation across Asia and an augmented product portfolio that emphasizes localization.
Earlier this year, the firm obtained a Securities and Commodities Authority (SCA) license in the United Arab Emirates (UAE). The acquisition of Rakuten Securities further bolstered its regulatory portfolio with an Australian Securities and Investments Commission (ASIC) license. With the addition of the South African ODP license, ATFX has substantially amplified its global presence and regulatory compliance in the current year, complementing its existing licenses from the FCA (UK), CySEC (Cyprus), FSC (Mauritius), and Seychelles.
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