Equity derivatives trading sector is poised to grow in Dubai after the Dubai Financial Market disclosed that it had assimilated five new margin trading brokers. This brings the total number of firms that offer investors margin trading services to twenty-four.
The Middle East’s largest financial centre, which was established fourteen years ago, is broadening the list of derivatives on offer in order to satisfy investor demand for more refined trading instruments. The new brokers who were on-boarded are Al Brooge Securities, Al Safwa Islamic Financial Services, Global for Shares & Bonds, Al Sharhan Stock Center and Al Fardan Financial Services. Margin trading facilities enable investors to place trades with low deposit rates.
The Dubai Financial Market, which is regulated by the Securities and Commodities Authority, is expected to approve and hence allow more brokerages to offer margin trading services in the next six months.
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While most emerging markets have tumbled since last year as the Federal Reserve’s tapering program took funds backed to developed economies, Dubai’s financial market has instead expanded due to its burgeoning economy. DFM stocks have accelerated 50 percent between January and May.
Meanwhile, Enterprise Data Management solutions provider GoldenSource Corporation has appointed Stephen Hulse to the role of Senior Sales Manager for the UK and Ireland as it seeks to boost its EMEA sales and marketing team.
GoldenSource deals mostly with various buy and sell-side software solutions, which it sells to clients scattered worldwide. Mr. Hulse will operate out of London as he embarks on expanding the company’s customer base and contribute to its growth. To register for a free 2-week subscription to ForexMinute Premium Plan, visit www.forexminute.com/newsletter.
To contact the reporter of this story; Yashu Gola at yashu@forexminute.com
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