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PRESS RELEASE

                                                                                                      

CMA licenses a Non-Dealing Online Forex Trading Broker

 

Nairobi, 03 November 2022…The Capital Markets Authority (CMA) has issued a license to Ingot Africa Limited to operate as a non-dealing Online Foreign Exchange Trading broker under the Capital Markets (Online Foreign Exchange Trading) Regulations, 2017. This approval brings the number of licensed online forex trading brokers to eight.

The CMA Chief Executive Officer Mr. Wyckliffe Shamiah said, ‘‘the Authority encourages Kenyans interested in online forex trading to participate through the licensed online forex trading only to ensure they are protected. We continue to grow the pool of licensed entities due to the growing interest in online forex trading.’’

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.

ENDS

 

BACKGROUND INFORMATION ON THE CAPITAL MARKETS AUTHORITY

The Capital Markets Authority 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.

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