ICAP, the world’s leading interdealer broker, announces that it has expanded its Financial Futures and Options team with the appointment of two new hires and the opening of an office in Dubai.
ICAP’s move into Dubai is a significant step in fulfilling its strategic objective of becoming the global premier futures execution broker. Based in the Dubai International Financial Centre, ICAP Securities Ltd (ISL) is regulated by the Dubai Financial Services Authority (DFSA). With the rapidly expanding economy in the Gulf region, ICAP considers it essential to have a strong presence in the Middle East, complementing its presence to the East and West of the region.
The Dubai office will initially have four employees and the team will be led by Sharaz Hussain, Senior Executive Officer, ISL, Dubai. Sharaz will report to Gary Pettit, Global Head of Financial Futures and Options at ICAP in London and the board of ISL.
Dubai has positioned itself as a financial hub for the GCC and South Asia. Dubai has a sophisticated capital markets environment with the Dubai Gold and Commodities Exchange which offers FX and Commodity futures. FX brokers have set up regulated offices including Alpari and GFT.
ICAP introduced trading in Saudi Riyal and UAE Dirham in 2009.
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The current rates for USD SAR is 3.75 and USD AED is 3.67.
ICAP has also appointed Michael Drennan as Head of North America Future and Options, based in Chicago. He joins from MF Global and has more than 20 years global markets experience in Hong Kong, Singapore and London.
Gary Pettit, ICAP’s Global Head of Financial Futures and Options said: “We have been expanding our global capability since I joined ICAP last December. Having a global futures and options presence across Europe, Asia and America, it now makes strategic sense to extend our execution brokerage to the Middle East.”
ICAP’s global Financial Futures and Options business offers brokerage, market commentary and post trade services with dedicated exchange-traded derivatives brokers in London, New York, Chicago, Singapore, Sydney, Wellington and now Dubai.
Forexmagnates team have written a detailed report on FX in the Middle East, available in the Q3 quarterly report 2011.