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20 Mar 2018
We are opening a new United Arab Emirates (UAE) office to support continued demand from the global financial community to tap into the lucrative commodities market through the UAE.
With a team on the ground in the UAE, we will be able to support and connect businesses in the region more effectively. Not only will this give our clients in the Middle East a more direct service, but the decision comes at a time when many Dubai based proprietary trading houses are looking to trade easily in and out of the region.
We also have a growing number of clients scattered across the eastern emerging markets including India, China, Taiwan and Singapore and so we have been looking to establish UAE as a central hub for activity closer to these key markets. The on-the-ground local presence supplements our Market Data Connect service, which enables traders to access pricing data without needing to have a presence in the Dubai Gold & Commodities Exchange, DGCX.
Commenting on the new office, Les Male, CEO of DGCX, a long-time exchange partner of BSO said:
“The addition of BSO’s local expertise, on top of its highly resilient connectivity service, is a sign of the increasing maturity of the Middle East as a prominent global financial centre. The introduction of BSO and their determination to improve connectivity in all corners of the GCC will serve to benefit us as well as our clients and the wider financial sector.”
Michael Ourabah, CEO, added:
“With so much uncertainty surrounding the UK’s future access to European financial markets, the UAE could well benefit as a key midway point hub between Europe and Asia. With more exchanges, such as DGCX, widening the scope of their offerings, there is a growing need for market makers to have access to the best local technology expertise which can be then bring them into a global context. The UAE is a well-connected market and it has an obvious beneficial geographical location considering our goals.”
The office move comes ahead of a star-studded panel event on March 22, where BSO and DGCX will be joined by the CME Group, SGX, LME, TOCOM and India INX in addition to Asian broker Phillip Futures, who will be chairing the session on global developments in the futures market and what traders should be looking out for.
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