Dubai Financial Market (DFM), the Arab Gulf’s only listed stock exchange, reported that it has accredited a new company to provide Direct Market Access (DMA) for global brokers. Accordingly, the number of DMA service providers will increase to 13 brokerage firms, said a bourse filing.
Global for Shares & Bonds Company has been approved today by DFM to provide Direct Market Access (DMA) facilities in the Middle East’s largest financial centre.
Earlier last month, Dubai Financial Market reported a 60 percent drop in its Q2 2016 net profit as revenues fell to $27.3 million in the three months ending June 30.
As a DMA provider, Global for Shares & Bonds is allowed to to mandate a global broker to use its DMA access point to place buy and sell orders as some sort of electronic trading via the internet, allowing global brokers to directly trade on the market.
The DFM is regulated by the country’s main financial watchdog, the Securities and Commodities Authority (SCA). Both entities are in collaboration to process similar applications from other brokerage firms.
Earlier this month, exchange will launch an equity futures market to trade single-stock futures on the shares of specific local companies. Apart from equity derivatives, Dubai exchanges offers local and global investors access to energy, currency, commodity futures and options.
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