Admiral Markets obtains a Canadian license for its CFD offer

Admiral has entered the North American markets by obtaining a licence from the regulator in Canada, the Estonia-based broker announced on Friday.

Its local entity, Admiral Markets Canada Limited, has become a member of the Investment Industry Regulatory Organization of Canada (IIROC) and has registered as an investment dealer.

IIROC supervises investment dealers, brokers and trading activities in the debt and equity markets in Canada. Admirals' Canadian client funds will be protected by the Canadian Investor Protection Fund (CIPF).

"Obtaining this license in Canada is a strategic step for the company, as it is the first license we obtain in the North American region," says Sergei Bogatenkov, CEO of Admirals. He added that the new licence is part of the broker's strategy to position itself globally.

A regulated CFD broker

With this new licence, the company, under the Admirals brand, will provide execution services only for contracts for difference (CFDs) to clients in Ontario and British Columbia. Although the services will be limited to two states initially, the company plans to expand its reach across the country in the coming years.

The broker revealed that it wants to observe the demand for its products in the Canadian market and will offer unique selling points to differentiate itself.

Admirals now operates mainly in European markets and a few other overseas markets outside the continent with local licences.

"In recent years we have opened up new regions, allowing us to offer access to the financial markets for everyone at any time. This is another success story and continuation of our expansion plans," Bogatenkov added.

"Regardless of the fact that this is a move away from our core markets in Europe, we are confident that the lessons learned and in particular the language synergies with the region where we are starting our operations should allow us to seemingly successfully adapt our operation in Canada."