Orient Financial Brokers of Dubai has teamed up with the UK-based CMC Group to launch a unique Internet trading platform in the UAE.
The new tie-up offers customers in the UAE and the Middle East an opportunity to trade in more than 2,000 financial instruments such as share and stock index CFDs (contracts for difference) as well as foreign exchange, gold and silver from a single account and from a single platform.
"The mission of OFB is to bring trading opportunities in a wide variety of financial instruments catering to all segments of the market, particularly retail investors," said Sheikh Faisal Khalid Sultan Al Qasimi, chairman of OFB.
He said customers can now trade share and stock indices, major currencies, and precious metals from their offices or home. The minimum account opening amount has been kept at just $3,000 to ensure that a vast section of financial trading enthusiasts can participate in the global markets.
Peter Cruddas, managing director of CMC Group, added that CFDs offer customers all the benefits of trading shares without having to physically own them.
A CFD is a contract for trading a financial instrument usually traded on margin with the intention of settling the difference in the buying and selling price, without owning the financial instrument.
Ajay Pabari, finance director of CMC Group, said the benefits of CFDs are their cost-effectiveness and their flexibility.
A CFD trader has the opportunity to profit from both bull and bear markets as well as short term intra-day movement.
Pabari said just as CFDs mirror the price and movement of the physical share market, they also mirror any corporate actions that take place in the underlying shares.
"This means that the owner of a share CFD will receive dividends and participate in stock splits, just as they would if they owned the physical share. CFDs also offer a variety of trading strategies such as ability to sell short. Besides, return on investment is magnified because of the leverage available in the CFD trading," he said.
A customer can trade shares and stock indices as CFDs from US, UK, European and Pacific Rim markets, including Japan, as well as major currencies, gold and silver from a single account.Orient Financial Brokers was established in January, 1994 in Dubai.
It is licensed and regulated by the Central Bank of the UAE since 1997, to operate as a brokerage in foreign exchange, commodities and money markets.
Gulf News
