Exclusive: TeraFX gets Dubai DFSA license
FNG Exclusive… FNG has learned that FCA regulated financial services company Tera Europe Limited, which operates the TeraFX (terafx.com) retail FX and CFDs brokerage brand, has received a Draft License Notice from Dubai financial regulator DFSA.
The license will allow TeraFX to expand to Dubai, and engage in providing trading in a range of securities from a new Dubai International Financial Centre (DIFC) branch.
TeraFX is controlled by Turkish businessman and former politician Oğuz Tezmen, and his son Emre Tezmen. The Tezmens control Turkish investment bank Tera Yatirim with a more than 80% holding, and through it the UK company Tera Europe Limited, which as noted has been licensed by the FCA since 2012.
Oğuz Tezmen was Turkey’s Minister of Transport in the mid-1990s.
TeraFX becomes the latest in a long line of Retail FX brokers which have decided to set up an operation in Dubai, as a base for expanding business with traders in the Arab world.
Earlier this month we reported about a similar move by leading Australia-based FX broker Pepperstone.
A copy of the Tera Dubai license notice follows: