Global traders to access new liquidity pools by routing orders through EFG-Hermes
Dubai/Cairo-- Thomson Reuters today announced that the largest regional Investment Bank in the Middle East and North Africa, EFG-Hermes has joined its order routing network, expanding the breadth of its exchange trading offering throughout the region. As the Arab world's leading investment bank, EFG-Hermes brings a vast network and access to liquidity pools across the main markets in the Middle East, including Egypt, Saudi Arabia, Kuwait, and the UAE to Thomson Reuters global client base.
This move builds on Thomson Reuters strong regional assets, which include multi-asset trading capabilities, deep market leading content, news and analytics. It also supports the increasing movement of mainstream and foreign investors into Middle Eastern markets and Islamic finance.
Financial market professionals using Reuters Trading for Exchanges can now route orders to EFG-Hermes for execution. EFG-Hermes builds on Thomson Reuters strong brokerage network and raises the number of regional brokers to 37. Any firm connected to the Thomson Reuters order routing network, both inside and outside the region, can now access liquidity from the largest markets in the MENA region, including EGX, Tadawul, KSE, DFM, DIFX, ADX, Nasdaq Dubai, and MSM - all via EFG-Hermes.
Sherif Cararah, EFG-Hermes Securities Brokerage Managing Director, commented: "Joining the vast Thomson Reuters brokerage network will not just result in new trades for the firm it will also give EFG-Hermes' clients around the globe unrivaled access to markets within the region. We're delighted to be partnering with a leading group such as Thomson Reuters and we see this as a further evidence of our long term commitment to providing value-added brokerage services."
EFG-Hermes is the MENA leader in value-added brokerage services, having executed more trades in Egypt and the United Arab Emirates (UAE) last year than any other brokerage, according to recently released exchange data. The firm was also the most active independent broker in Saudi Arabia and the third-largest broker in both Oman and Kuwait, markets in which EFG-Hermes established a physical presence for the first time in 2008.
Basil Moftah, Managing Director for Thomson Reuters in the Middle East and Africa, commented: "Thomson Reuters is committed to supporting the expansion of the financial markets in the Middle East. We're pleased to have such a prestigious and respected institution like EFG-Hermes to support this aim as well as broaden our service. Thomson Reuters plans to continue to support this growing region by adding more specialized content and additional trading capabilities."
Reuters Trading for Exchanges is available to users of Reuters 3000 Xtra. It provides access to the joint global community of Tradeweb Routing Network and Reuters Order Routing Network, comprising over 1,000 participants worldwide and processing in excess of 1.5 billion shares per day.
Thomson Reuters has a long standing presence in the Middle East and Africa, having opened its first office outside Europe in Alexandria in 1865. The company provides comprehensive coverage of MEA markets including real-time information from all major equity markets, funds, indices and money markets. Customers can access data on sukuk bonds, Islamic loans and other Islamic instruments, plus strong regional news coverage including an Arabic news service. Thomson Reuters also offers broad trading capabilities for listed instruments as well as FX and money markets.
-Ends-
About Reuters Trading for Exchanges (RTEX)
RTEX is a comprehensive electronic trading solution for financial institutions around the world dealing in exchange traded markets. RTEx provides a fully hosted multi-asset class trading suite integrated with the Thomson Reuters information desktop, providing access to the largest global community of executing brokers.
About Thomson Reuters
Thomson Reuters is the world's leading source of intelligent information for businesses and professionals. We combine industry expertise with innovative technology to deliver critical information to leading decision makers in the financial, legal, tax and accounting, scientific, healthcare and media markets, powered by the world's most trusted news organization. With headquarters in New York and major operations in London and Eagan, Minnesota, Thomson Reuters employs more than 50,000 people in 93 countries. Thomson Reuters shares are listed on the New York Stock Exchange (NYSE: TRI); Toronto Stock Exchange (TSX: TRI); London Stock Exchange (LSE: TRIL); and Nasdaq (NASDAQ: TRIN). For more information, go to www.thomsonreuters.com.
About EFG-Hermes Securities Brokerage
EFG-Hermes Securities Brokerage enjoys market leadership in five direct markets and six indirect markets throughout the Middle East and North Africa. The firm's direct presence in Egypt, UAE, Saudi Arabia, Oman and Kuwait allows it to provide an unparalleled diversity of products and services to more than 26,000 retail and high-net-worth clients and over 600 global institutional investors.
The group has consistently maintained its position as the highest-ranking securities brokerage in Egypt by market volume. In the UAE, it was ranked number one on the DFM and ADX in 2008 and has maintained a leading position on the DIFX. The firm in 2008 was ranked first among the 20 independent brokerage companies in Saudi Arabia, while in Kuwait and Oman it was among the top three brokers in spite of its having only recently established a physical presence in the two markets.
About EFG-Hermes
Established in 1984, EFG-Hermes is the leading investment bank in the Arab world. The firm specializes in Investment Banking, Asset Management, Private Equity, Securities Brokerage and Research. With listings on both the Egyptian and London stock exchanges, EFG-Hermes currently boasts a market capitalization in of around USD 1 billion.
Through its operations in Egypt, the UAE, the Kingdom of Saudi Arabia, Qatar, Lebanon, Kuwait and Oman -- and with 880 employees of 25 nationalities -- EFG-Hermes serves a considerable and diversified client base from the Middle East and North Africa to Europe, Asia and the United States. Our clients include governments, corporations, financial institutions, high-net-worth individuals and retail customers.
For further information about EFG-Hermes, please visit www.efg-hermes.com.
Please direct media inquiries to:
Yvonne Diaz
PR Director
Thomson Reuters
T: +44 20 7542 2615
yvonne.diaz@thomsonreuters.com
Nathalie Visele
Director
Shamal Marketing Communications
T: +971 4 3652711
M: +971 50 4576525
nathalie@smc-pr.com
Heba El-Hamzawy
Public Relations Manager
EFG-Hermes Holding SAE
T: + 20 2 3331 8255
M: + 20 16 550 9799
helhamzawy@efg-hermes.com
© Press Release 2009
