Alderney partners Guernsey for dual licensing initiative

Under the partnership, the two English Channel islands will jointly regulate binary options and CFDs.

Robin Le Prevost, director for business development for Alderney, said: “We were aware that the spread betting, CFD and binary options sector were looking for a quality jurisdiction from which to base their operations.

“We have often been approached, but the AGCC had been unable to accommodate their requirements due to the investment nature of some of the products.

“The AGCC has been in discussions with the Guernsey Financial Services Commission over the demarcation of their respective remits and this collaboration is the result.

“The two organisations have combined their skill sets and will offer duel licensing covering the full range of products this sector specialises in. This means binary options, binary betting, contracts for differences and all types of spread betting can be covered by this dual licensing system.”

“Alderney is  renowned throughout the world for its beneficial commercial environment, stable government and technical prowess and these compelling elements will remain and are indeed enhanced by Guernsey’s involvement.

“The combined benefits of the two islands offers a highly attractive location from which to base companies from this sector.”