Macquarie Bank owns a stake in the American RFED Advanced Markets (amifx) and may help it penetrate the local market as well as possibly use its technology. DFSA is recently becoming more and more strict in its oversight having penalized and sanctioned both Saxo Bank and E*Trade.
Macquarie Bank Limited (Macquarie), the international financial services group, announced that it has received a Category 4 Branch License from Dubai Financial Services Authority (DFSA). The license allows Macquarie to operate as an authorised entity from within the Dubai International Financial Centre (DIFC) where it will market financial products suitable for clients based in the Middle East.
Macquarie will develop the local product offering from its Fixed Income, Currencies and Commodities (FICC) business focusing on the provision of interest rate derivatives, foreign exchange derivatives, commodities (both physical and derivatives), investor products and structured finance. Macquarie will seek to service clients in the Gulf Cooperation Council states with particular focus on the UAE, Oman, Qatar and Kuwait.
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