One of the most popular hosting and cloud solutions providers in the FX industry, BSO, has announced the opening of a new office in Dubai. The company is aiming to facilitate the delivery of its services in the Middle East and beyond.
The firm has found a lucrative market in the UAE, as commodities and currency trading has been gaining popularity amongst institutional investors in the region in recent years. The global network provider will have a team on the ground in Dubai. The company aims to provide regional support and connect businesses in the region to its services more effectively.
Beyond the Middle East
The clients of BSO in the Middle East can access the service in a more direct way, relying on the assistance from a local office. At the same time, a number of Dubai-based proprietary trading shops are also looking for easier access to markets in and outside of the region.
BSO’s expansion in Asia includes a number of clients across the Eastern emerging markets including India, China, Taiwan and Singapore. The cloud provider is looking to establish a presence in the UAE with a central hub for its activity closer to such key markets.
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The service that is located on-the-ground has a local presence that provides additional resources to BSO’s Market Data Connect service. The service enables traders to access pricing data without needing to have a presence in the Dubai Gold & Commodities Exchange, DGCX.
Brexit Uncertainty Prompts Diversification
Apparently, the fallout from Brexit is set to reshape the financial industry not only in Europe but also across other regional hubs. The company’s management has focused on Dubai as a key location between Europe and Asia.
“With so much uncertainty surrounding the UK’s future access to European financial markets, the UAE could well benefit as a key midway point hub between Europe and Asia. With more exchanges, such as DGCX, widening the scope of their offerings, there is a growing need for market participants to have access to the best local technology expertise which can then bring them into a global context. The UAE is a well-connected market and it has an obvious beneficial geographical location considering our goals,” Michael Ourabah, CEO of BSO, explained.
Commenting on the opening of the new office of BSO, the CEO of the DGCX, Les Male, outlined: “The addition of BSO’s local expertise, on top of its highly resilient connectivity service, is a sign of the increasing maturity of the Middle East as a prominent global financial center. The introduction of BSO and their determination to improve connectivity in all corners of the GCC will serve to benefit us as well as our clients and the wider financial sector.”