The international derivatives exchange Eurex announced today that it has connected its first local broker from the United Arab Emirates (UAE). Orion Brokers DMCC, a member of Orion Holding Overseas S.A., was connected at the end of May 2008. "We are very pleased to welcome the first local broker from the United Arab Emirates", says Michael Peters, member of the Eurex Executive board. "Participants from the UAE have access to our entire product suite. We see increasing interest in our broad range of international benchmark products coming from a fast growing region like the Emirates and we are very pleased about this development."
Mohamed Hafez Khalil, ceo of Orion Holding Overseas, says, "This is yet another addition to a continually expanding global podium, Orion Web-trader is a MENA (Middle East and North Africa) focused fully electronic platform that provides MENA investors access through its exclusive network, to regional and global markets. This facility opens up new investment and diversification opportunities for our customers."
Younes Ouarzazi, deputy general manager of Orion Brokers DMCC, added: "Dubai is the city of business opportunities, and Orion Brokers DMCC has set its vision to bring these opportunities through our products to the forefront of its investment platform. We are bringing once more international markets to investors through a business partnership with a reputable international derivatives exchange such as Eurex."
Eurex received regulatory approval for its product suite from the Dubai Financial Services Authority (DFSA) at the end of March 2007 and from the Emirates Securities & Commodities Authority in November 2006. The local Access Point in Dubai has been up-and-running since beginning of May 2007. Eurex currently serves approximately 400 members in 21 countries.
Orion Brokers DMCC is a DFSA recognized institution, a broker/clearing member of the Dubai Gold & Commodities Exchange (DGCX) and an Off-Floor Member of the Dubai Mercantile Exchange Limited (DME). Orion Brokers DMCC is regulated by Emirates Securities and Commodities Authority (ESCA), and Dubai Financial Services Authority (DFSA).