Wall Street Journal reports that the Middle East is a hot area for foreign-exchange firms trying to expand their business.
This year, at least three Internet companies have opened offices in Dubai, trying to capitalize on growth opportunities in the region. Case in point: The retail Internet platform of Deutsche Bank, dbFX.com, recorded a 501% year-on-year increase in Middle Eastern currency trading volumes in the first quarter of 2009.
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I reported about this (Dubai specifically) back in May in a post titled: Dubai and the Middle East – the new Forex hub. In May FXCM opened its local office in Dubai and since then Saxo Bank and Oanda did the same. ACM and other medium sized firms have local presence as well and even though I don’t know for sure I bet other major firms like Gain are working their way into the region.
It seems that the US market is in the final stages of its maturity and consolidation. US Forex firms are looking for ways to keep their volumes or increase their business and Middle East and Asia are the places to be at, at the moment.