Admiral Markets has entered the North American markets as the broker secured a license from the regulator in Canada, the Estonia-headquartered broker announced on Friday.
Its local entity, Admiral Markets Canada Limited, has become a member of the Investment Industry Regulatory Organization of Canada (IIROC) and registered itself as an investment dealer.
IIROC oversees investment dealers, brokers and trading activity in debt and equity markets in Canada. Additionally, the Canadian clients’ funds of Admirals will be protected by the Canadian Investor Protection Fund (CIPF).
“Obtaining this license in Canada is a strategic benchmark for the company being our first license achieved in the region of North- America,” said Admirals’ CEO, Sergei Bogatenkov. In addition, he said that the new license is a part of the broker’s strategy to position itself globally.
A Regulated CFDs Broker
With the new license, the company under the brand Admirals will provide execution-only services in Contracts-For-Difference (CFDs) to clients in Ontario and British Columbia. Though the services will be limited to only two states initially, it has plans to further expand its reach across the country over the coming years.
Moreover, the broker revealed that it wants to observe the demand for its products in the Canadian market and would come up with unique selling points to differentiate itself.
Now, Admirals operates primarily in the European markets and some other overseas markets outside the continent with local licenses. The group witnessed a decline of 43 percent in its revenue for 2021, Finance Magnates reported earlier.
“During recent years, we have opened new regions, which enable us to offer access to financial markets for everybody and anytime. This is another success story and continuation of our expansion plans,” Bogatenkov added.
“Regardless of that, this is a move outside our core markets in Europe, we are confident that lessons learned and particularly language synergies with the region we commence operations should allow us to seemingly adapt our operation successfully in Canada.”
