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XINHUA NEWS SERVICE REPORTS FROM THE AFRICAN CONTINENT

 

Kenya licenses first online forex trading money manager

NAIROBI (Xinhua) -- Kenya’s capital market regulator said Tuesday it has licensed the country’s first company to operate online foreign exchange trading.

The Capital Markets Authority (CMA) granted Kenya’s first money manager license to Standard Investment Bank Limited (SIB) to operate in the online foreign exchange trading space.

Paul Muthaura, CMA chief executive officer, said SIB is licensed to choose and manage investments prudently for its online forex trading clients and develop appropriate investment strategy.

He said the money manager will also conduct financial analysis and monitor foreign exchange portfolio investments on behalf of its clients.

In February, the capital market regulator issued a license to EGM Securities Limited to operate as a non-dealing online foreign exchange broker.

             

 

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