The Capital Markets Authority (CMA) has approved SCFM Limited to operate as a Non – Dealing Online Foreign Exchange Broker.
This is the second non-dealing online foreign exchange broker license to be issued under the new regulations, which brought the oversight of online foreign exchange brokerage services under CMA. The first license was issued to EGM Securities Limited in 2018.
SCFM Limited is a fully owned subsidiary of SM Capital Markets Limited which is a company registered in Cyprus. SM Capital Markets also has another subsidiary, Scope Markets which is registered in Belize.
SM Capital Markets Limited is authorized and regulated by Cyprus Securities and Exchange Commission with a cross border license to offer investment services internationally. SM Capital Markets has given a capital injection to SCFM Limited to cover the non-dealing online foreign exchange broker license’s paid up capital.
According to the Capital Markets (Online Foreign Exchange Trading) Regulations, 2017, Non-dealing Online Forex brokers do not offer client advice or trade on behalf of their clients. Clients deposit their investment amount with an account to be offered by the broker.