The British derivatives trading firm IG Group has announced plans to launch operations in the Dubai “in the coming weeks”.
The company, which offers services including contracts for difference (CFDs) and foreign exchange trading, said in a trading statement on Thursday that it had received “approval in principle of its regulatory licence in Dubai”, which is expected to “enable full authorisation and the opening of its office there in the coming weeks”.
CFDs, tradable instruments that mirror the movements of their underlying assets, are already offered in the UAE by brokers including Saxo Bank and Orient Financial Brokers.
A London-based spokesman for IG declined to comment on whether the licence was being sought for the DIFC or for onshore, or on the product portfolios that it would be offering.
IG hit the headlines in the UK in January after the Swiss National Bank unexpectedly scrapped its €1.20 floor for the Swiss Franc against the euro, with hundreds of IG customers left with huge losses after having bet against the Swiss currency.
jeverington@thenational.ae
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