Vantage, previously known as Vantage Markets, has established its presence in Africa by obtaining a derivatives license from South Africa’s Financial Sector Conduct Authority (FSCA).
New License for Vantage
According to the press release shared with Finance Magnates, the new license will allow the forex and contracts for differences (CFDs) broker to offer its services in South Africa, onboarding local clients.
“We are thrilled to receive our FSCA license,” said Marc Despallieres, the Chief Strategy and Trading Officer at Vantage. “We have had our sights on South Africa for some time, and we were determined to be able to provide traders with exceptional financial services and products while operating in compliance with the highest regulatory standards.”
Headquartered in Australia, Vantage operates primarily with its Australian Financial Services (AFS) license obtained from the local regulator. In addition, the broker was offering services locally with its regulatory authorizations from Vanuatu and the Cayman Islands.
Vantage entered South Africa when the brokerage industry in the continent was showing a steep upward path ahead. Several other international brokers, including Admirals and XTB, have gained a South Africa license over the years. Moreover, a few brokers are onboarding South African clients under their international licenses.
Strengthening Management
To bolster its team in South Africa, Vantage promoted Ted Odigie as its Head of Sales for Africa. The promotion came last November, over a year after Odigie joined the brokerage.
Odigie is a seasoned brokerage executive with over 17 years of experience under his sleeves. As pointed out by Vantage, his expertise is in business development and client management.
Before joining Vantage in August 2021, Odigie spent more than a year at Scope Markets and parted with the broker as the Head of Sales. Furthermore, he was a Sales Manager at Nigeria’s Eagle Global Markets (EGM), a local forex and CFDs broker. He started his career in 2006 at a securities company.FCA on Whistleblower; Equinix’s Q1 Results; read today’s news nuggets here.
This article was written by Arnab Shome at www.financemagnates.com.
