Nairobi – Execution Point Limited, the first online foreign exchange broker to be awarded a license in Kenya by the Capital Markets Authority (CMA), has announced it has changed its name to EGM Securities Limited. This is the first license to be issued under the new regulations, which brought the oversight of online foreign exchange brokerage services under Kenya’s Capital Markets Authority (CMA).
The name change will present EGM Securities Limited as a fully-fledged subsidiary of the global company and will mirror the success and transformation of the global group.
EGM Securities Limited is part of a global group of companies spanning across multiple prominent global jurisdictions with a market presence of over 10 years. The other companies within the group are respectively regulated by the UK’s Financial Conduct Authority (FCA), Dubai’s Securities & Commodities Authority (SCA) and the Jordan Securities Commission (JSC).
The license means Kenyans, and surrounding regional markets in East and Central Africa, can now trade in foreign currency online under strict regulatory controls that provide a secure online forex trading environment.
Providing a legal framework for the online trading of foreign currency will help ensure potential traders have a safer trading environment, facilitate diversification of financial activities and will strengthen Nairobi’s position as a financial hub in East Africa.
EGM Securities Limited is expected to be fully operational as soon as May 2018.
The company will employ a fully-resourced team of professionals to support its business in the region backed by its global team of experts with a depth of industry knowledge and extensive global experience. The majority of company senior experts together have over 50 years’ experience working with retail investors, high net-worth clients, top-tier banks, prime brokerages and technology providers within the online foreign exchange trading and contracts for difference/CFDs brokerage industry.
EGM Securities Limited license is expected to create a shift from traditional stocks and shares in Kenya and provide investors with a local appetite for new and innovative products such as online foreign exchange (FX) and contracts for differences (CFD) trading.
As a licensed company, EGM Securities Limited will allow Kenyans to use mobile payments as a way of transacting for trading online Forex. This will be achieved through Kenya’s mobile money payment options such as M-Pesa, which is the world’s leading money payments service.
EGM Securities Limited will work with the Kenyan regulator to develop the local market as well as provide a 24/5 support service and extensive, ongoing educational support and training that will inform, educate and empower traders.