Finalto has been granted a Category 5 licence by the UAE Securities & Commodities Authority. The licence allows the firm to operate under the country’s regulatory framework and provide services to professional and institutional clients in the UAE.
Conor Canny has been appointed CEO, MENA at Finalto, he announced on LinkedIn. He said that securing the Category 5 licence is “a major milestone for Finalto in the Middle East” and allows the firm to “deepen our commitment to the UAE by facilitating clients access to our global liquidity and technology solutions.”
He added that the UAE is “an innovation-driven financial hub” and highlighted the company’s focus on service, transparency, and governance.
Former ADSS Head of Liquidity Becomes Finalto CEO
Before joining Finalto, Canny worked at OPUS for about eight months in the United Arab Emirates. Prior to that, he served as Head of eFX Distribution – MENA & APAC at Britannia Global Securities MENA Limited in Dubai for about two and a half years.
Canny also spent about six and a half years at ADSS in Abu Dhabi. He held the position of Head of Liquidity for just over five years and was Vice President – Liquidity & Pricing for about one and a half years. Earlier, he worked as Risk Manager at ETX Capital for six months and as a Trader at Alpari (UK) Ltd for about one and a half years.
His career spans trading, liquidity management, and electronic foreign exchange across multiple markets in the Middle East and the UK.
Finalto Consolidates UK Operations After Client Migration
Recently, Finalto Group consolidated its UK operations by migrating Finalto Trading clients to Finalto Financial Services, making the latter the sole UK entity. The migration increased revenue at Finalto Financial Services to $65.8 million but reduced pre-tax profit to $11.6 million due to higher costs.
Finalto Trading’s revenue fell to $6.6 million, and trading volume on its platform decreased slightly. Finalto Trading wound down most activities but maintained sufficient liquidity.
This article was written by Tareq Sikder at www.financemagnates.com.Retail FXRead More
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