• bannerinner1

PRESS RELEASE

 

CMA licenses two Online Forex Trading Intermediaries

Nairobi, 11 May 2022…The Capital Markets Authority (CMA) has approved the issue of licenses to Tadenex Limited to operate as a non-dealing Online Foreign Exchange Trading broker and to Tradesense Limited to operate as a Money Manager under the Capital Markets (Online Foreign Exchange Trading) Regulations, 2017. These approvals bring the number of licensed online forex trading brokers to seven, and two money managers.

The CMA Chief Executive Officer Wyckliffe Shamiah said, ‘the Authority has noted a keen interest from Kenyans to participate in online forex trading and is pleased to grow the pool of non-dealing online forex trading brokers and money managers.’

Firms licensed as non-dealing online foreign exchange brokers act as a link between the online foreign exchange market and a client in return for a commission or mark-up in spreads. The licensees do not engage in market-making activities (buying and selling of foreign currencies). They will provide their clients with access to trading platforms, enabling them trade from anywhere and at any time using their electronic devices. Online foreign exchange trading platforms give access to global markets and an opportunity for clients to educate themselves on the global financial markets. Non- dealing Online Forex brokers do not offer client advice or trade on behalf of their clients.

A money manager is licensed to choose and manage investments prudently for its online forex trading clients and develop appropriate investment strategies. They also conduct financial analysis and monitor foreign exchange portfolio investments on behalf of its clients.

ENDS

BACKGROUND INFORMATION ON THE CAPITAL MARKETS AUTHORITY

The Capital Markets Authority (CMA) was set up in 1989 as a statutory agency under the Capital Markets Act Cap 485A. It is charged with the prime responsibility of both regulating and developing an orderly, fair and efficient capital markets in Kenya with the view to promoting market integrity and investor confidence.

The regulatory functions of the Authority as provided by the Act and the regulations include; Licensing and supervising all the capital market intermediaries; Ensuring compliance with the legal and regulatory framework by all market participants; Regulating public offers of securities, such as equities and bonds & the issuance of other capital market products such as collective investment schemes; Promoting market development through research on new products and services; Reviewing the legal framework to respond to market dynamics; Promoting investor education and public awareness; and Protecting investors’ interest. For more information, please contact: Antony Mwangi, Manager Corporate Affairs & International Relations on This email address is being protected from spambots. You need JavaScript enabled to view it.

approvalservice
certificationannual
toolkit1financial
gficonlodge
masterwhistle
  

Copyright © 2022 Capital Markets Authority. All Rights Reserved.
Joomla! is Free Software released under the GNU General Public License.

kebsISO1