Exclusive: Advanced Markets and Daman Securities Announce New Entity in MENA Expansion

Monday, 12/08/2024 | 17:50 GMT by Jared Kirui

The partnership aims to offer a range of financial services.

The transition to the new entity is preceded by the integration of existing Advanced Markets (Bermuda) Ltd. clients into Daman Securities.

Multi-asset trading firm Advanced Markets Group and Daman Securities have announced the next phase of their partnership, culminating in the launch of Daman Markets as a new independent entity. The duo expects this venture to offer a range of financial services.

Eying Market Growth

Building on Daman Markets, a service brand initiated by Daman Securities LLC for forex and CFD trading, Advanced Markets mentioned in a statement sent to Finance Magnates that this new phase of collaboration marks a deeper integration of resources and expertise between Advanced Markets (Bermuda) Ltd. and Daman Securities.

The partnership promises to strengthen Daman Markets' operations by combining Daman Securities' regional presence and regulatory backing from the UAE's Securities and Commodities Authority (SCA) with Advanced Markets' technological infrastructure and liquidity networks.

Commenting about the deal, Samer Mourched, the CEO of Advanced Markets Bermuda, said: "I am very proud to elevate our current relationship with Daman Securities to the next level and partner with a well-known and respected organization in the MENA region."

The company also highlighted that the integration of Advanced Markets' liquidity solutions, staff, and products would enhance their partnership. Daman Markets as a service of Daman Securities was announced in October 2023

Expanding Trading Products and Services

Daman Securities' General Manager, Ahmed Waheed, mentioned: "With our 25 years of operations in the UAE and the region, along with our strong relationships with stakeholders, this partnership is a logical move. It aligns with our strategy and vision to provide our clients with a comprehensive range of trading products and tools."

Advanced Markets has promised its clients a seamless transition and enhanced local support. To ensure a smooth migration process, the integration of existing Advanced Markets (Bermuda) Ltd. clients into Daman Securities and their transition to the new entity will be managed with precision.

Last year, Advanced Markets (UK) Limited, the FCA-regulated unit of the wider Advanced Markets Group, announced its financial results for the fiscal year 202. The company registered a turnover of $2.13 million, a boost of more than 64% YoY. Advanced Markets offers institutional foreign exchange liquidity and prime-of-prime services to the forex and CFDs trading space. The group is based in the US and operates globally.