![[TOP STORY] What is an ODP licence, and why is it important?](https://i.headtopics.com/images/2022/3/30/moneyweb/top-story-what-is-an-odp-licence-and-why-is-it-important-1509130832383983616.webp)
[LISTEN] The public should ask CFD providers etc if they have an ODP licence before entering into a contract: SolomonGounden of Marketsdotcom on MoneywebNOW with SimonPB trading OTC Download the podcast
SIMON BROWN: I’m chatting now with Solomon Gounden, he is MD of Markets.com. Solomon, I appreciate the early morning time. ODP [over the counter derivative provider] licences: I keep getting emails and the like from CFD [contract for difference] providers telling me that they’ve got one. A bunch I haven’t received emails from, which means, I suppose, they haven’t got one.
SOLOMON GOUNDEN: Yes, absolutely Simon. We’ve seen a similar kind of regulation in London through the FCA . We’ve seen a similar kind of regulation in ASIC in Australia, and the experience [brought from] that, [is] So, yes, the high priority we’ve seen through ODP ensures higher client or public protection in a derivative product.
SIMON BROWN: Gotcha. What was the process to actually get the licence? I’ve never had to get a licence from the FSCA. Folks I have spoken to who have got [one] in the past – usually a category one, two, or maybe a two-way licence – refer to it politely as ‘vigorous’. SIMON BROWN: I get your point. I suppose a company, a business such as yours, actually comes out better from that process.
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