| 29 Apr 2008 |
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Standard Chartered opens regional trading hub at DIFC
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29 April 2008
Dubai: Standard Chartered BankStandard Chartered Bank
on Monday opened their regional trading hub for the Middle East and Africa at the Dubai International Financial Centre (DIFC)Dubai International Financial Centre (DIFC).
The new trading floor hosts 200 seats and is the largest such facility in the region. "It strengthens the operations of our regional headquarters for Middle East and Africa. Apart from being a regional hub, it will also function as one of our key global trading hubs and will be in the league of similar facilities in London and New York," said Shayne Nelson, Regional CEO for Middle East and North Africa.
As one of the bank's global hubs, this facility will include specialist global roles focusing on key product areas such as risk management advisory, structuring, interest rates derivatives, foreign exchange, ecommerce, credit trading and capital markets related trading with a wide spectrum of products covering fixed income, syndications, asset-backed securities, credit derivatives and convertible bonds.
Besides this platform, Standard CharteredStandard Chartered
has two other trading rooms in the UAE and individual trading rooms for each of the countries it operates in the region. Closer
"The idea behind hosting a trading platform of this scale in Dubai is to be near to our customers. With our regional headquarters based in Dubai, it makes more sense for us to host our trading platform from here," said Boon Huat Lee, Managing Director and Regional Head of Global Markets, Middle East and North Africa.
"Standard CharteredStandard Chartered's new trading room sets fresh benchmarks in the region for state of the art facilities that help customers conduct trading activities," Dr Omar Bin Sulaiman, Governor of DIFCDIFC, who officially opened the facility.
Sanctions: Iran office to be shut
Standard Chartered BankStandard Chartered Bank, which has a representative office in Iran is closing down the office as part for adhering to the US sanctions against Iran.
The British bank, that has had banking relations with, Iran for the past several decades said on Monday that it is not doing any business in that country.
By Babu Das Augustine
© Gulf News 2008. All rights reserved.
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