CFDs broker VCG Markets adds Kenya CMA license

Retail FX and CFDs broker VCG Markets has announced that its VCG Markets Limited unit has received regulatory approval from Kenya’s Capital Markets Authority (CMA), in relation to a Non-Dealing Online Foreign Exchange Broker license covering online FX and CFD trading.

The regulatory decision marks another step in the international development of VCG Markets, which is approaching its plans in Kenya through experienced local leadership and the capabilities of a wider financial-services group.

VCG Markets, which is run from Dubai and has traditionally focused on MENA region clients, said that its international presence extends beyond brokerage. The group is bringing together its Retail Trading division and VCG Asset Management, with more than US$65 million under management, combining its retail trading capabilities with a broader investment offering.

The company said it sees the Kenyan milestone as part of building a more established presence in the market, drawing on local knowledge as well as its broader experience.

Brian Myers, Group CEO of VCG Markets said,“Securing our Capital Markets Authority licence is a defining milestone for VCG in Kenya. We are investing locally and bringing the VCG Mobile App, our flagship trading platform, to Kenyan investors. We are also bringing together our Retail Trading division and VCG Asset Management so clients can trade and invest with one firm. With already more than US$65 million under management (and growing quickly), superior technology and a leadership team with deep local market knowledge, we aim to raise the standard of service for investors across the region.”

The Kenyan regulatory approval is specific to VCG Markets Limited and online FX and CFD trading. It does not authorize the activities of other group companies or imply that a separately regulated asset-management business holds the new brokerage authorization.

The company said it will communicate any future local offering under the terms of the authorization applicable to the named Kenyan entity.