Menacorp, a brokerage firm operating in the United Arab Emirates (UAE), has become the first entity in the region to receive Derivative Membership under NASDAQ Dubai Limited, according to a Menacorp statement.
Menacorp is regulated under the Securities and Commodities Authority and the Dubai Financial Services Authority. Under the new membership to Nasdaq Dubai, the firm will receive a full mandate to act as a trading and clearing member for securities and derivatives, whilst being granted the ability to launch new financial products in the Middle East.
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Moreover, Menacorp will be working in tandem with the international exchange operator to foster additional product development and offerings. Menacorp has committed to a large investment in its information technology (IT) solutions in order to provide international benchmarks in reporting and risk management for derivative products.
According to Racha AlKhawaja, Senior Vice President, Menacorp, in a recent statement on the membership, “Our Derivative Membership under NASDAQ Dubai Limited will change the financial investment landscape in the GCC in general and the UAE in particular. Our brokers and sales team have been trained on the upcoming products to ensure success right from the launch. Additionally, we have an in-house team proficient in international futures trading to make sure that our expertise reaches out to our clients.”
“Educating clients is paramount to the success of this initiative and the response so far has been extremely positive. We are closely working with the exchange and decision makers to add more listings before the end of the year,” noted Nabil Al Rantisi, Managing Director, Menacorp, in an accompanying statement.