Admiral Markets gets Canada license
Estonia based brokerage group Admirals has announced that Admiral Markets Canada Limited became registered investment dealer and member of the Investment Industry Regulatory Organization of Canada (IIROC).
Admirals achieved its first license in North America. The aim of this license is to provide execution-only services in Contracts-For-Difference (CFDs) to clients in Ontario and British Columbia at this first stage with a plan to increase the scope of the company’s activities in Canada over the coming year. Admirals said it will look to see how the local market takes up the product offering and what unique selling points the company can provide which will differentiate themselves from the more traditional offerings in Canada.
Investment Industry Regulatory Organization of Canada (IIROC) is an organization charged with overseeing investment dealers, brokers, and trading activity in debt and equity markets in Canada. The organization has a mandate to protect investors and is granted various powers toward that end. Understanding the Investment Industry Regulatory Organization of Canada (IIROC) was critical to Admirals’ decision to go to Canada. The Investment Industry Regulatory Organization of Canada (IIROC) is a self-regulatory organization, and is the equivalent of the Financial Industry Regulatory Authority (FINRA) in the United States. Established in 2008, its objective is to maintain fair and orderly markets and regulate all securities-related commerce within the country—including investment-related sales activity by brokers, agents, and financial advisors something Admirals is ready to commit to.
Admirals CEO Sergei Bogatenkov said:
“Obtaining this license in Canada is a strategic benchmark for the company being our first license achieved in the region of North- America. This is a part of our long-term strategy and positioning ourselves globally. Furthermore, with this success we tick an important goal on our roadmap for our 2030 strategy.”
“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. 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.”
CFDs allow clients to obtain economic exposure to the price movement of an underlying instrument, such as a share, index, currency pair, treasury or commodity, without the need for ownership and physical settlement of the underlying instrument.
As an execution-only dealer, Admiral Markets in Canada does not provide investment advice or recommendations regarding the purchase or sale of CFDs.
Customers’ accounts at Admiral Markets Canada Limited are protected by the Canadian Investor Protection Fund (CIPF) within specified limits.