Israel is widely recognized in a mainstay of FX technology and development, however the majority of its domestic FX business is conducted via the four large banks, and is somewhat traditional, thus Israel is a nation which exports FX solutions, brokerage software, signals, platforms, social trading and clever ancillary services.
Until now.
LeapRate can confirm that a new FX brokerage has been established in Israel under the name of First Index, which offers multi-asset CFD trading via the Intertrader platform to a predominantly British and Israeli audience.
The firm, which was established in November last year, has opened its doors to Israel’s elite network of traders by commencing regular seminars, its first having been held yesterday in Ramat Gan, Israel, which was attended by 55 high net worth traders.
First Index has confirmed to LeapRate that it now has $5 million assets under management, which comprises of $3.5 million from Israeli clients and $1.5 million from clients in Britain and Europe.
Founded and operated by senior industry figures, a specialist platform was selected as CFD and spread betting requires functionality that differs from spot FX.
With Israel’s retail FX client base fitting into two approximate categories, one being long-standing, highly experienced, high net worth experts and the other being those who favor non-regulated firms, First Index is attracting the senior and mature traders with large portfolios for a long term business relationship.
The firm has instructed Logic Investments which will manage the clients funds in London, and conducts wealth management for Israeli, British and European customers under its Financial Conduct Authority (FCA) regulation.
First Index executives explained to LeapRate that the company expects to achieve an average intake of $500,000 per month going forward.
Currently the company is in the process of appointing its entire management team, the names of which LeapRate will publish in June following the approval by the company’s owners.