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Adam Toro Heads New FCA-Regulated Subsidiary of HotForex

HF Markets, which is extra generally referred to by its buying and selling title HotForex, has acquired a brand new licence, this time from the Monetary Conduct Authority (FCA) in the UK, the second monetary licence for the group in little over a month.

The information was revealed by the group as we speak and the data might be accessed through the FCA’s web site, which now exhibits HF Markets (UK) Restricted, a British subsidiary of the HF Markets Group, as authorised underneath agency reference quantity 801701. In response to the web site, the standing efficient date was from the 14th of November 2018.

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Heading the brand new subsidiary as Chief Govt Officer (CEO) is Adam Toro, HF Markets has confirmed to Finance Magnates. If the title sounds acquainted, that’s as a result of Toro was the earlier CEO of Amana Monetary Companies UK, the British subsidiary of Amana Capital.

As Finance Magnates beforehand reported, Toro stepped down from his function again in September, with the corporate stating the departure was the results of a “mutual amicable settlement.”

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Commenting on the information, a spokesperson for HF Markets mentioned: “We’re working in an trade the place regulatory our bodies, such because the European Securities and Markets Authority (ESMA) and the FCA itself, have arrange agency controls and intensify the shopper’s finest pursuits. Because of this, solely corporations which might reveal the flexibility to adjust to these rigorous requirements, like ours does, might be licenced by the FCA.”

HotForex expands to the UAE

HotForex is a overseas trade (foreign exchange) and contracts for distinction (CFD) brokerage. The FCA licence follows carefully on the heels of the dealer revealing completely to Finance Magnates that that they had expanded into the United Arab Emirates.

As we reported on the time, the brand new entity within the UAE known as HF Markets (DIFC) Ltd, and it’s positioned in Dubai’s Index Tower. On the identical time, it was additionally introduced that Andreas Lazarou, had been named because the CEO of the Group’s UAE operations. 

HotForex opened up its doorways within the UAE after the corporate obtained a Dubai Monetary Companies Authority (DFSA) license (F004885) on December 12, 2018.

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