With its existing office in Singapore and Ex-GFT Asia CEO Desmond Yeo a foothold in the region is almost certain
The Middle East brokerage powerhouse originally from the United Arab Emirates is expanding its presence in the Far East side of Asia with an office opening in Hong Kong. The company already has established a foothold in Singapore, so it only makes sense to include the other major financial center in the region to the list of local operations.
The company retains its regulation under the Central Bank of UAE, however it has already taken steps to obtain a license by the UK’s FCA, expected at some point in 2014. According to the press release on ADS’ website this is the first office opened by the company outside of the UAE that is fully licensed and regulated.
The subsidiary is named ADS Securities Hong Kong Limited and will provide local clients with leveraged FX and bullion trading services. Those are ensured by regulation under the Hong Kong Securities and Futures Commission which presented the company with a tier three license.
Management will be handled by a highly experienced industry professional in the person of Desmond Yeo. He has acted as CEO for GFT Markets Asia for more than 5 years up until June 2013, when the company was taken over by GAIN Capital. He stated that while the Far East is an extremely competitive market, the company believes its top tier market liquidity services and FX trading solutions will be in high demand.
ADS Securities is a wholly owned private company and it does not release volume numbers, however it is estimated to have a daily turnover in forex, precious metals and CFDs totaling about $5 billion daily.
For the full press release by the company visit the ADS Securities website.
For more on the global Forex industry see the LeapRate-Dow Jones Forex Industry Report.