Scope Markets Returns To China Post-Rostro Acquisition

Republished By Plato

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Scope Markets is returning to China following its
acquisition by Rostro Group. The foreign exchange (FX) and contracts for differences (CFDs)
broker has also appointed a new managing partner to oversee operations in China,
Taiwan, Hong Kong, and the wider Asian region.

Scope exited China in
2021 due to regulatory challenges and the economic conditions that affected the demand for its services. However, with the decision to re-enter the market, the company expects
to open access to a range of trading instruments to its Chinese clients.

Michael Ayres, the CEO
of Scope Markets, said in an email sent to Finance
Magnates: “We had built
a loyal following in the country, so look forward to rekindling many of those
strong relationships, as well as working with new clients, too.”

With access to multiple
asset classes and instruments available on mobile and desktop devices, Scope
would offer indices, commodities, and currencies available for trading 24
hours, five days a week. According to the company’s statement, clients can
trade on the MT4 or MT5 platforms or on the Scope Market’s web trading service and
app.

Based in Belize and
regulated by the International Financial Services Commission (IFSC), Scope
Markets was
acquired by Rostro
Financial Group in January. The deal was completed in an all-cash transaction,
bringing the retail broker under the control of Rostro.

Rotro is a multi-asset
brokerage company that offers the execution and the clearing of listed securities
and over-the-counter (OTC) derivatives. The broker controls Scope’s main
operation hub in Cyprus and in other regions, including Kenya and South Africa. Moreover, Rostro operates under the licenses issued by the regulators in Mauritius and
Seychelles.

Expansion to MENA and
Asia

The new development is part of Rostro’s expansion
plan into the Middle
East and North Africa (MENA) region, and Asia. The plans were earlier stated by the company’s, Roger Hambury, following the completion of the
acquisition of Scope Markets.

“In the last 12
months, we have completed several acquisitions to drive our expansion, all
funded through free cashflows. The acquisition of Scope Markets presents the
largest and latest acquisition , signaling our intent to be a leading provider
of financial services within our sector globally,” Hambury said.

Moreover,
as part of its expansion plans, the broker has made strategic hires. Finance Magnates reported in March that Scope Markets had hired Yaser
Zidan, the former Vice President of Sales at Equiti, as the Sales Manager for the
MENA region.