The Middle East - scope for growth in electronic FX

There is still plenty of scope for growth in e-FX trading across The Middle East region and Richard Willsher reports on how leading providers are meeting the need for the benefits it brings.

Although banks, brokers and buy-side clients in some Gulf States are well advanced and sophisticated in the use of e-trading platforms, elsewhere in the region their use is still in its infancy. Dubai and Abu Dhabi are home to numerous banks and brokers and are positioned at the crossover between Asian and European markets from where single bank and multi-bank platforms stream prices and draw upon liquidity. Yet there is less penetration in other states. According to Bloomberg’s Global Head of FX and Commodities e-trading Tod Van Name, “In the Middle East, the United Arab Emirates (UAE) is where we are seeing the most activity on our electronic trading platform, FXGO. This is where our clients are starting to fully embrace the many aspects of e-trading we offer, from request for quote (RFQ) / request for stream (RFS), and streaming to algorithmic orders, batches, and auctions.” He adds, “FXGO is also experiencing major growth in Qatar, Oman, Saudi Arabia, Kuwait and Bahrain –...continued

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