Liquidity provider Finalto has received a license from the Securities and Commodities Authority (SCA) in the United Arab Emirates (UAE).
SCA’s database shows the brokerage group has been approved to operate using a Category 5 license.
This license, which has proven very popular within the OTC trading industry, allows the holder to promote and market products, but not actually hold client funds or deal in securities.
Finalto’s new operations in the country will be overseen by Conor Canny, who has been made CEO of the broker’s Middle East operations.
Canny has been working with Finalto for some time already but can ‘officially’ take up the CEO role now that SCA has approved the firm to operate in the UAE.
The new Finalto MENA CEO has worked in the online trading industry for over a decade and has held trading roles at Alpari and ETX in the past.
He moved to ADSS in 2015 and was ultimately made Head of Liquidity and Pricing at the firm, where he spent close to seven years.
Prior to joining Finalto, Canny worked as Head of eFX Distribution for MENA and APAC at Britannia Global Markets.
