eToro has received approval for a Financial Services Permission (FSP) from the Financial Services Regulatory Authority of the ADGM.
The new license is CFI’s second in the country, adding to licenses in the UK, Cyprus, Lebanon, Jordan, Egypt, Palestine, Oman, and Mauritius.
CMC Connect clients will now have access to a broad range of UAE stocks as a derivative product.
The new brand, Daman Markets, will focus on serving the growing CFD and forex trading community in the Middle East region.
Paul Turner served as Global Head of Operations for UAE based broker ADSS for the past two years.
Plus500 has obtained a licence from the Dubai Financial Services Authority in the high growth market of the United Arab Emirates.
Hasan Hamd has been with ADSS since 2014. Prior to ADSS Hasan worked at Alpari in Dubai.
Jason Hughes joins eToro from Exinity, where he had a similar role for the Cyprus based Retail FX and CFDs broker.
Mark Hudson joins ADSS from First Abu Dhabi Bank, where he was Senior Vice President & Head of HR.
Traders’ Hub was formed by three former colleagues at UAE based Retail FX broker ADSS, led by CEO Suhail Al Otaiba.