Dubai Financial Market (DFM), the Arab Gulf’s only listed stock exchange, reported that it has accredited a new company to provide Direct Market Access (DMA) for global brokers. Accordingly, the number of DMA service providers will increase to 14 brokerage firms, said a bourse filing.
AI Safwa Mubasher Financial Services has been approved today by DFM to provide Direct Market Access (DMA) facilities in the Middle East’s largest financial centre.
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As a DMA provider, AI Safwa Mubasher is allowed to mandate a global broker to use its DMA access point to place buy and sell orders as some sort of electronic trading via the internet, allowing global brokers to directly trade on the market.
The DFM is regulated by the country’s main financial watchdog, the Securities and Commodities Authority (SCA). Both entities are in collaboration to process similar applications from other brokerage firms.
The Dubai-listed company has rebranded to Al Safwa Mubasher Financial Services as of 16 November ahead of closing its merger with Mubasher Financial Services (MFS). Al Safwa Mubasher’s capital rose to AED 563.8 million, according to data available on the bourse’s website. Before the merger, Alsafwa had AED 192.84 million distributed on 129.84 million shares at AED 1 per share.