Brokerage group ATFX has appointed Mark Wurr as Head of Africa for its institutional division, ATFX Connect.
Wurr was the founder of South African brokers CFD Central Securities and Khwezi Trade.
The latter was significant as it had an OTC Derivatives Provider (ODP) license, allowing the firm to create a price and make a market in CFDs for South African clients. These were introduced by the local regulator in 2018.
Khwezi was acquired by ATFX last year as part of its global expansion plans.
Having an ODP license in South Africa is a massive strength for any brand, with only a handful of providers actually possessing one.
Getting the license isn’t easy as it requires investment in the country, as well as having a local board and relatively high number of local employees.
Consequently, some brokers have chosen to partner with ODP license holders, rather than getting one themselves. For example, Trive’s South African entity has launched in the market via a partnership with Finalto.