Dubai Financial Market (DFM) has extended its opportunities for global brokers to trade directly on the Middle East’s largest financial centre by granting financial firm AI Safwa Mubasher Financial Services Direct Market Access (DMA) accreditation.
The Dubai-based financial exchange said in a statement that the licence lifts the number of DMA service providers to 14 brokerage firms in the region. It also announced that is currently processing similar applications from other brokerage firms in collaboration with the Securities and Commodities Authority (SCA).
As a DMA provider, AI Safwa Mubasher is now allowed to mandate a global broker to use its access point to place buy and sell orders. This can be done via electronic trading via the internet, allowing global brokers to directly trade on the market.
The DFM, the Arab Gulf’s only listed stock exchange, said that his development underlines the growing interest from international investors towards DFM listed securities.
Al Safwa Mubasher Financial Services recently rebranded as of 16 November ahead of closing its merger with Dubai financial firm Mubasher Financial Services.