The oil rich Middle East has been a market most FX brokers want to capture, with stong economic growth, per capita incomes and cash to play with!
The region has a very diverse uptake in financial markets; some countries have been pioneers in the field since the 70’s whereas other nations are finally entering electronic trading.
The central bank of Jordan was the first to intervene on the OTC FX market and put a blanket ban on all brokers spot FX and CFD, we look at what brokers can do to set up in this mature trading environment.
Leading brokers such as FXCM and Saxo have taken their strides and established regulated offices in Dubai, Dubai has been a safe destination for brokers across the Middle East and South Asia as it has a developed offshore market and free trade zone as well as an internationally recognised regulated environment..
Dubai has been positioning itself as a financial hub for the entire region and is setting the scene for well governed stock and commodities exchanges. The authorities regulate FX as an asset class however there is confusion as to what regulation the DIFC or the Emirates Securities and Commodities Authority actually govern.
Q8 Trade Gains Recognition for ‘Most Trusted Trading Platform in MENA’Go to article >>
The cat and mouse race has been spreading across the GCC, Bahrain another sovereign state looking for foreign fame as a financial epicentre opened its doors to FX regulation, however the leading UK and US brokers have preferred Dubai.
Local banks haven’t been shy in offering margin based products, we look at what the banks are offering and where there is space for more whitelabel’s.
Forexmagnates along with industry professionals looks at the history, the regulations and the opportunities this pot of gold offers.
The report stretches back to the early days of FX and highlights the key factors affecting growth and trading activity in the last decade.