Brokerage group Moneta Markets has acquired a license from the Financial Conduct Authority.
The company, which has its main base of operations in Dubai, took over the UK entity of VIBHS Financial.
VIBHS had been on the market for some time, with the broker one of several firms that have been squeezed harder by the restrictions on leverage which went into play in 2018.
The move is something of a surprising one. Moneta Markets has historically, like most players in the inudstry today, focused on regions with lighter regulation and where you can still offer clients higher leverage.
Entering the UK market will be a different ball game as the firm will have to compete with both larger players and the huge regulatory burden that the Financial Conduct Authority imposes on firms.
According to Moneta Markets CEO David Bily, the company is already looking to hire local sales executives, partnership managers, and compliance executives.
Bily also noted that the firm will be using its FCA license to offer B2B services to other financial institutions.
