Leading Trading Technology Provider, SpotOption, reduces headquarter activity in pursuance of global expansion
SpotOption announces the downsizing of headquarter internal departments, as part of the strategy for magnifying the Hong Kong, Singapore, and London branches. Headquartered in Israel, SpotOption's platform consists of CFDs, Binary Options, and Ladder trading products, that have a much higher market potential in the jurisdictions where regulation is available and feasible for these instruments. This move will allow the global branches to be prioritized, henceforth improving and upgrading the localized services provided to those dominions. Headquarters will remain mainly for R&D purposes, that will keep SpotOption at the forefront of financial technology. As a repercussion of the decision, SpotOption has decided to lay off some of the employees, to avoid relocation cost where local manpower is ultimately the preferred solution for existing clients.
SpotOption has experienced rapid growth derived from localized sales initiatives and client retention by the London and Hong Kong office, and this success is geared to be replicated from the new Singapore branch, which will service the highly valued South-East Asian market. As of now, regulation is possible in the USA, Europe (except Belgium), Japan, Australia, and New Zealand. Furthermore, simplified derivative trading is also possible for regulated firms in South Asia, Russia, Asia Pacific, and Africa. Due to the high potential of these markets, the modification will begin next quarter.
"SpotOption has always encouraged regulation for brokers, as this is the best way to mature the industry and ensure sustainability," says David Ripstein, CEO of SpotOption. "Strengthening our services in the jurisdictions where regulation is embraced is the natural next step in our globalization advancements. Unfortunately this strategic decision comes with the loss of some of our great talents that are located at headquarters, which is not a small consequence. Each and every Spot employee has contributed to the global success of SpotOption, and their efforts are not taken for granted. We trust our R&D activities at headquarters will ensure continuous progress in empowering brokerages, as well as other growth engines securing the process abroad."
SpotOption was established in 2010, and is a leading trading technology provider. SpotOption has a multi-platform solution for derivative trading instruments such as Binary Options, Forex, CFDs, and Ladder. SpotOption has branches in the UK, Hong Kong, Singapore, and the Middle East. SpotOption has clientele around the globe, including Europe, Asia, Australia, Middle East, and Latin America.