Plus500 granted South African operating licence

Online retail trading platform Plus500 announced on Thursday that the Financial Services Board, the South African authority that oversees the non-banking financial services industry, has granted the company's Australian operating subsidiary a licence to operate an online trading platform for retail customers to trade CFDs in South Africa.

The AIM-traded company said the licence was effective immediately and has no time limitations.

“We are delighted to be granted this new licence in South Africa, which follows the recent additions of licences in New Zealand and Israel,” said chief executive Asaf Elimelech.

“This is in line with our strategy, stated in our preliminary results this week, to add new licences in order to expand our customer base globally and diversify our geographical revenues.”

Elimelech said the licence also complemented its recent sponsorship of Plus500 Brumbies, who - as part of the international Super Rugby competition - play teams based in Australia, South Africa, New Zealand, Argentina and Japan.