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Chinese Yuan trading at the company has registered 300% growth in volumes during the last couple of months
According to a recent report by Reuters Abu Dhabi based forex brokerage ADS Securities will obtain a license to operate in the UK in 2014 and plans to offer Chinese Yuan pricing to customers in the region. The company is privately owned and is aiming at expanding internationally next year according to managing director and Vice-chairman Philippe Ghanem.
This move explains recent ramping up of advertising online and offline of the company as it is obviously building an image outside of its traditionally strong Middle East presence. After an influx of Cyprus MiFID regulated entities, UK brokerages might find yet another strong competitor on local turf.
In addition to its traditional forex and commodities trading brokering business the company aims to launch an asset and wealth management division on the UK market. The company already has a subsidiary in Singapore and plans to open soon a Hong Kong office. Its estimated daily turnover in FX, precious metals and CFDs is about $5 billion.
According to the Reuters article ADS is capitalized at about $400 million and is already offering to Middle Eastern investors the ability to trade the Chinese Yuan. Ghanem said that the growth in trading volumes of the Renminbi is about 300% over the last couple of months and investor appetite does not seem to be abating.
For a link to the full article visit Reuters’ website.
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