CFD Broker VCG Markets Secures Kenya CMA License for Online FX and CFD Trading

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

The Dubai-based broker, which has traditionally focused on MENA region clients, said the Kenyan 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.

VCG Markets said it is approaching its plans in Kenya through local leadership and the capabilities of a wider financial-services group. The group is bringing together its Retail Trading division and VCG Asset Management, which has more than US$65 million under management, combining retail trading with a broader investment offering.

Group CEO Brian Myers said the CMA license is a defining milestone for VCG in Kenya and that the company is investing locally and bringing its VCG Mobile App, described as its flagship trading platform, to Kenyan investors. He said the combination of the Retail Trading division and VCG Asset Management is intended to let clients trade and invest with one firm, and that with more than US$65 million under management, technology and a leadership team with local market knowledge, VCG aims to raise the standard of service for investors across the region.

VCG Markets describes itself as an international multi-asset brokerage business focused on trading technology, market intelligence and trader education. The company said each licensed group entity is subject to the regulatory framework applicable to its own activities and jurisdiction.