TradeNet, the trading platform business unit of Saudi Arabian vendor, KnowledgeNet, has launched its Jussour network for brokerage firms in the Middle East. It is the first broker-independent equity order STP routing network in the region and, according to TradeNet VP, Mohamad Attiya, it is intended to 'reduce operational costs and enable brokers to offer a better service with real-time portfolio value'.
Currently in the region, exchange order instructions are sent via phone, fax or email. This is a slow and manual process that can lead to errors, delays and a low service level. The new network will allow brokerage firms and institutional investors to automatically route instructions to each other in a straight-through processing model.
This is not a new idea: similar networks are in place the world over. The demand for this service is 'coming from the brokerage companies themselves', says Attiya. Currently in the Middle East, regional brokers have their own internal networks for regional operations. As a result, cross-border trading accounts for between one and two per cent of the market. Attiya believes the new network will 'level the field for local brokers' as they will be able to 'offer a similar service as regional ones', and 'increase market transactions by ten to 30 times'.
The countries where Jussour will be offered is dependent on the abilities of local markets to offer electronic trading. It will be available initially for Saudi Arabia, UAE and Egypt, with Bahrain and Kuwait to follow.
The buy-side and sell-side will be connected to Jussour through a standard FIX protocol. TradeNet is currently connecting the sell-side, with buy-side functionality expected to be launched in 2009. There are currently two companies signed up for a pilot of the network, one in UAE, the other in Saudi Arabia. The pilot is scheduled for three months, after which it will become commercially available.
To know more about TradeNet visit the Middle East Money Summit, organized by Arabcom group on 30-31 of October at Jumeirah Beach Hotel, in booth # 25.
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About The Middle East Money Summit
The Middle East Money Summit in Dubai, organized by Arabcom group, is a 2 day Expo & one full day of educational covering all aspects of investment and online trading in CFDs, Stocks, Futures, Equities, Commodities, Bullions, Bonds, Forex, Derivatives, Options, Hedge Funds, Mutual funds, Islamic Sukuk and other...
The event is open to the public for FREE.
For more information about the event please visit www.memoneysummit.com
Or contact:
Sheracel Prudencio
Arabcom group
Tel No. +971 4 3211164
Fax No. +971 4 3211165
Email sales@arabcomgroup.com
Website www.memoneysummit.com
© Press Release 2008
