The Israeli Security Authority (ISA) has just announced that it has finally granted its long-awaited Trading Arena Licence to five firms. The brokerages ATRADE, FXCM Israel, REAL Forex , FIRST INDEX and Plus500 are now ISA approved to offer retail margin services to Israeli clients.
From the moment Israeli lawmakers gave the ISA the mandate to regulate this market, 21 firms applied for its licence. The regulators rejected the applications of seven firms and six more withdrew their applications themselves - the last one being the Israel-headquartered social trading network eToro.
Three more firms are still in limbo (PROTRADE, Colmex and Trade Capital Markets Ltd) waiting for the final decision of the ISA to approve or reject them. Any operator offering retail margin trading in Israel that is not licensed or still has its licence pending is now breaking the law.
FXCM Israel CEO Avi Abuganny commented in response: "We are very happy for receiving the license and welcome the start of effective regulations in Israel. As part of the supporters of the regulatory process from its beginning, we believe it will change for the better the face of the market and will create trading opportunities that are regulated, transparent and stable for the trading public in Israel. We intent on continuing to offer our clients the best tools, service and support at the highest level."
