Accreditation from the Securities and Commodities Authority (SCA) clears the way for the leading brokerage in the Arab world to introduce margin trading on the Dubai Financial Market and the Abu Dhabi Securities Exchange
Dubai, UAE -- EFG Hermes, the leading investment bank in the Arab world, announced that its subsidiary EFG Hermes Brokerage UAE LLC has received a license authorizing it to introduce margin trading facilities for its clients on the Dubai Financial Market (DFM) and Abu Dhabi Securities Exchange (ADX).
"We are delighted to announce that we expect to introduce margin trading for clients trading on the DFM and ADX," said Reham Tawfik, Head of Brokerage - EFG Hermes Brokerage UAE LLC.
EFG Hermes Brokerage UAE LLC held market share of 14.12 percent on the DFM with a first place ranking, and 12.51 percent market share on the ADX where it was the third-ranked broker at the end of 2011.
The United Arab Emirates' Securities and Commodities Authority (SCA) has accredited EFG Hermes Brokerage UAE LLC to carry out margin trading on the Emirati exchanges.
"This is a very welcome decision by the SCA," said Tawfik. "We have been hoping to offer our retail clients margin trading for some time. The product should bring new trading volumes to the DFM and ADX as other brokerage firms becomes accredited.
"EFG Hermes Brokerage UAE LLC has a commitment not just to outstanding service, but to product innovation, too," concluded Tawfik.
* Market shares has been calculated as EFG Hermes' total value of execution divided by total market traded value. Source: EFG Hermes, ADX, DFM, and NASDAQ Dubai.
About EFG Hermes Securities Brokerage
EFG Hermes Securities Brokerage enjoys direct presence in six markets and six indirect markets throughout the Middle East and North Africa. The firm's direct presence in Egypt, Jordan, Kuwait, Oman, Saudi Arabia, and the United Arab Emirates allows it to provide an unparalleled diversity of products and services to a wide client base of institutions, high-net-worth and individual clients.
The group has consistently maintained its position as the highest-ranking securities brokerage in Egypt by market executions. EFG Hermes Securities Brokerage has been one of the leading brokerages in Kuwait since 2009. In the UAE, the Division was the number one broker on both the DFM and ADX in 2009, 2nd place on the DFM and 1st on the ADX in 2010, and 1st place on the DFM and 3rd place on the ADX in 2011 -- and has maintained a leading position on the NASDAQ Dubai.
About EFG Hermes
Established in 1984, EFG Hermes is the leading investment bank in the Arab world. The Firm specializes in Securities Brokerage, Investment Banking, Asset Management, Private Equity and Research. EFG Hermes is listed on both the Egyptian and London stock exchanges. The recent acquisition of a 65% stake in Credit Libanais marks the first step towards EFG Hermes's transformation into a universal bank and will enable it to rapidly expand into retail and commercial banking.
Through its operations in Egypt, Jordan, Kuwait, Lebanon, Oman, Qatar, Saudi Arabia, Syria and the UAE, with more than 1,000 employees of 25 nationalities, EFG Hermes serves a considerable and diversified client base from the Middle East and North Africa to Europe, Africa and the United States. Our clients include governments, corporations, financial institutions, high net worth clients and individual customers.
For further information about EFG Hermes, please visit www.efghermes.com.
For further information, please contact:
EFG Hermes Media
EFG Hermes Holding SAE
media@efg-hermes.com
© Press Release 2012
