Canada begins licensing online Forex dealers

Canada’s main securities regulator, IIROC (Investment Industry Regulatory Organization of Canada) recently admitted Gain Capital to its membership, allowing Gain Capital to market to and accept Canadian clients.

Canada actually does not have a national securities regulator as do most other countries (e.g. the SEC in the U.S., or the FSA in the U.K.) — each of Canada’s 10 provinces has its own regulator. IIROC is actually a self-regulatory organization for all firms offering securities trading in Canada, and requires all its members to also join the Canadian Investor Protection Fund (CIPF).

Gain is just the second Forex firm to receive IIROC membership. Oanda — which is effectively based in Toronto — was admitted as a member back in 2009. FXCM operates in Canada via a white label agreement with Friedberg Mercantile Group

For more information of the global Forex industry see the LeapRate-Dow Jones Forex Industry Report.

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