CARA Jewellers, a Dubai-based diamond jewellery company, appears to have entered the retail trading space by launching a contracts for differences (CFDs) broker, Cara Markets. Chhagan (Kiran) Pethani, one of the jewellery company’s co-founders, is the sole director of the newly launched brokerage firm, according to the local regulatory registry.
Building a Team of Brokerage Experts
FinanceMagnates.com also learned that Hasan Hamd, who left CFDs broker ADSS last December, joined Cara Markets as Chief Commercial Officer.
Cara Markets highlighted that the appointment is a strategic move towards its “commitment to reinforcing its executive leadership as it expands its footprint in global financial markets.” However, who is heading the new broker as Chief Executive remains unknown.
Hamd was part of ADSS for about a decade. He joined the broker in November 2014 as Vice President of the Institutional Desk, eFX, and Liquidity Coverage, and was later promoted to Senior Vice President for Institutional eFX and CFDs Sales, and subsequently to Director of Institutional Sales, the last role he held there.
Read more: ADSS Quits UK Market to ‘Refocus’ on Other Entities
Before joining ADSS, he was Institutional Department Manager at the Dubai office of Alpari’s UK unit, a role he held for over two years. He entered the industry in late 2007 as a Senior Dealer at Oversea Financial Group and later moved to Premium Capital Group as Head of the Trading Desk.
Diamond Jeweller to CFDs Broker
Cara Markets is a new entrant in the CFDs industry and is operating with a Category 1 licence from Dubai’s Securities and Commodities Authority (SCA).
You may also like: The Regulatory Playbook – Dubai Did It First, But Cyprus Can Still Do It Best
According to the broker’s website, it offers access to over 2,000 CFDs instruments across asset classes, including forex, indices, commodities, and shares. It is offering trading services on two third-party platforms: MetaTrader 5 and CQG.
“With the recent acquisition of our CAT 1 SCA licence, we’re officially launching from Dubai with a vision to establish a premier global institutional and retail brokerage firm,” Hamd said.
Although the brokerage is new, the Pethani brothers, Kiran Pethani and Anil Pethani, have been running the jewellery business for two decades. It offers custom-crafted jewellery, including lab-grown diamonds, and has multiple stores across the UAE and one in London’s Burlington Arcade.
Meanwhile, many established brokers are also establishing bases in the UAE. Recently, IC Markets secured a license in the country, while Poland’s XTB opened a new office in Dubai. FinanceMagnates.com recently reported that a CFDs broker launched last year by a former BDSwiss executive established its corporate office in Dubai.
CARA Jewellers, a Dubai-based diamond jewellery company, appears to have entered the retail trading space by launching a contracts for differences (CFDs) broker, Cara Markets. Chhagan (Kiran) Pethani, one of the jewellery company’s co-founders, is the sole director of the newly launched brokerage firm, according to the local regulatory registry.
Building a Team of Brokerage Experts
FinanceMagnates.com also learned that Hasan Hamd, who left CFDs broker ADSS last December, joined Cara Markets as Chief Commercial Officer.
Cara Markets highlighted that the appointment is a strategic move towards its “commitment to reinforcing its executive leadership as it expands its footprint in global financial markets.” However, who is heading the new broker as Chief Executive remains unknown.
Hamd was part of ADSS for about a decade. He joined the broker in November 2014 as Vice President of the Institutional Desk, eFX, and Liquidity Coverage, and was later promoted to Senior Vice President for Institutional eFX and CFDs Sales, and subsequently to Director of Institutional Sales, the last role he held there.
Read more: ADSS Quits UK Market to ‘Refocus’ on Other Entities
Before joining ADSS, he was Institutional Department Manager at the Dubai office of Alpari’s UK unit, a role he held for over two years. He entered the industry in late 2007 as a Senior Dealer at Oversea Financial Group and later moved to Premium Capital Group as Head of the Trading Desk.
Diamond Jeweller to CFDs Broker
Cara Markets is a new entrant in the CFDs industry and is operating with a Category 1 licence from Dubai’s Securities and Commodities Authority (SCA).
You may also like: The Regulatory Playbook – Dubai Did It First, But Cyprus Can Still Do It Best
According to the broker’s website, it offers access to over 2,000 CFDs instruments across asset classes, including forex, indices, commodities, and shares. It is offering trading services on two third-party platforms: MetaTrader 5 and CQG.
“With the recent acquisition of our CAT 1 SCA licence, we’re officially launching from Dubai with a vision to establish a premier global institutional and retail brokerage firm,” Hamd said.
Although the brokerage is new, the Pethani brothers, Kiran Pethani and Anil Pethani, have been running the jewellery business for two decades. It offers custom-crafted jewellery, including lab-grown diamonds, and has multiple stores across the UAE and one in London’s Burlington Arcade.
Meanwhile, many established brokers are also establishing bases in the UAE. Recently, IC Markets secured a license in the country, while Poland’s XTB opened a new office in Dubai. FinanceMagnates.com recently reported that a CFDs broker launched last year by a former BDSwiss executive established its corporate office in Dubai.
This post is originally published on FINANCEMAGNATES.
