STP, a Dubai Financial Services Authority (DFSA)-licensed prime brokerage firm, has announced the expansion of its services with local regulator's endorsement. The firm is introducing a comprehensive suite of prime brokerage services to meet the growing demand from high net-worth individuals (HNWIs), regional institutional investors and family offices.

STP Meets the Rising Demand for Prime Brokerage Services in UAE

The launch of STP's new services comes amid a time of significant financial growth in the United Arab Emirates (UAE). As the Dubai International Financial Centre (DIFC) reported, assets under management saw a notable increase of 20% in 2022.

The UAE is expected to lead the global attraction of private wealth over the next half-decade, according to a report by Henley & Partners in 2022, adding an estimated 4,000 millionaires to its economy. With over 55,000 HNWIs residing in Dubai alone, STP aims to equip these wealthy individuals and mid-size institutional investors with top-tier prime brokerage services.

"The financial market growth in the UAE is creating significant prime brokerage service demands," Anthony Hallside, the CEO of STP, explained. "We are prepared to fulfill this need with our extensive service suite and expert professional team."

Hallside noted the industry's current challenges, such as escalating operating costs, the need for digital integration, cybersecurity risks, and evolving market trends. STP has designed a tailored prime broker Prime Broker Prime brokers are the designation given to individuals handling a package of services offered by investment banks, wealth management firms, and securities dealers to hedge funds which need the ability to borrow securities and cash in order to be able to invest on a netted basis and achieve an absolute return.There are two types of prime brokers - bank and non-bank corporations. Traditionally major global investment banks have been the predominant players in the space, however recent years have p Prime brokers are the designation given to individuals handling a package of services offered by investment banks, wealth management firms, and securities dealers to hedge funds which need the ability to borrow securities and cash in order to be able to invest on a netted basis and achieve an absolute return.There are two types of prime brokers - bank and non-bank corporations. Traditionally major global investment banks have been the predominant players in the space, however recent years have p Read this Term solution to manage these issues, offering first-rate functionality to manage both proprietary and end-client assets.

STP Uses Advanced Technology

The firm leverages advanced trading platforms, algorithmic tools, and real-time market data to equip clients with insightful investment decision data and stay ahead in the rapidly changing financial landscape, shared Waleed Gheith, STP's Director of Operations.

STP provides execution Execution Execution is the process during which a client submits an order to the brokerage, which consequently executes it resulting in an open position in a given asset. The execution of the order occurs only when it is filled. There is typically a time delay between the placement of the order and the execution which is called latency.In the retail FX space, reliable brokers always strive to deliver best execution to their clients in order to maintain a solid business relationship with them. This is a co Execution is the process during which a client submits an order to the brokerage, which consequently executes it resulting in an open position in a given asset. The execution of the order occurs only when it is filled. There is typically a time delay between the placement of the order and the execution which is called latency.In the retail FX space, reliable brokers always strive to deliver best execution to their clients in order to maintain a solid business relationship with them. This is a co Read this Term, custody, and settlement services via globally recognized tier 1 providers, foreign exchange, and lending across all major asset classes at a significantly reduced cost.

Based in the DIFC, STP offers a professional suite of services, which includes trade execution, securities lending, custody, high-tech reporting, and fund distribution services.

More Brokers Join MENA

A few months ago, Plus500 (LON: PLUS) entered the lucrative markets in the Middle East by obtaining a license from the DFSA. The company, listed in London, emphasized that the newly acquired license presents a remarkable opportunity for growth. It enables the broker to broaden its range of services and cater to customers in the United Arab Emirates.

In the meantime, Finance Magnates reported that Zenfinex, a London-headquartered FX and CFDs broker, has gained a DFSA license to expand its services in the region. In addition to obtaining licenses, the company welcomed several high-level executives to its team; Alexander Kritiotis joined as the Chief Operating Officer; Zahid Mahmood assumed the role of Chief Risk Officer; and Joe Tom Nyama was appointed as Head of Africa.

Moreover, the DFSA released its new strategy for 2023-2024, focusing on better client protection. Fighting financial crime is currently one of the main goals, which involves actively supporting local authorities in their efforts to implement the Financial Action Task Force (FATF) recommendations.