City Index opens Israel office; move comes ahead of regulation from Tel Aviv
City Index Group – the margined FX, spread betting and CFD provider – has announced the launch of operations in Israel, as it continues a push to expand operations internationally.
The new office will give customers in the region access to spot FX trading across 37 currency pairings. The move comes amid Israeli government plans to begin regulating retail FX trading in the country, as the Knesset Finance Committee reviews new rules that would bring the country’s currencies trading market under the purview of the Israel Securities Authority.
City Index, which is controlled by Icap boss Michael Spencer, says the opening of the office in Israel is a further step in its international expansion, as the firm targets opportunities in new markets and geographies.
The firm has already established businesses in Australia, China, Poland, Singapore and the US.
City Index’s Israel office is headed by Meir Velenski, who was previously a director at spread betting group WorldSpreads Israel.
He believes there is potential for growth in Israel, which has emerged from the global financial crisis in relatively good health.
“The [Israeli] economy remains very strong and has proved resilient to the housing and credit crises that have impacted North America and Europe in the past few years,” says Velenski.