Swissquote, a Switzerland-headquartered online financial trading services provider, has gained access to the Dubai Financial Market (DFM), a stock exchange based in the United Arab Emirates.
DFM announced on Tuesday that Swissquote’s clients from October 25th can access securities listed on its market.
The Swiss company gained access through the Direct Market Access (DMA) Route of GTN Middle East Financial Services (GTNME), a provider of regional and international institutional brokerage services in the Middle East.
Swissquote’s connection to DFM was facilitated through the DMA Route of BHM Capital Financial Services, which is another provider of institutional brokerage services listed on the DFM.
Commenting on the partnership, Hamed Ali, the Chief Executive Officer of DFM and Nasdaq Dubai, said Swissquote's connection to the market is part of its plans to make the exchange accessible to an expanded investor base.
“We are pleased to have Swissquote Bank connecting to DFM’s ecosystem as part of our efforts to strengthen our leadership in capital markets’ digital transformation,” Ali said.
“Given our local and international client base, providing direct access to the growing investment opportunities that the Dubai Financial Market offers is of strategic importance for our group and demonstrates our ambition to expand further our presence in the UAE,” Jacques Barakat, the CEO of Swissquote Middle East, explained in his contribution.
Swissquote’s Key Milestones
Swissquote’s connection to the DFM is only one of several key milestones the online trading service provider has recorded since the start of the year.
At the beginning of the month, the company launched SQX, a cryptocurrency exchange, joining competitors like Dukascopy to offer a broad range of crypto services.
The company noted that the centralized crypto trading venue was designed to enhance its customers’ experience in the areas of “trading, execution and liquidity .”
In August, Swissquote launched the TWINT app, a payment solution targeted at making mobile payment easy for the firm’s clients.
The company said the app will be made available free of charge to customers who operate an eTrading account.
In January, Swissquote partnered with Leonteq, a Swiss fintech company to launch its first structured product on the SIX Swiss Exchange, Switzerland’s leading stock exchange.
Finance Magnates reports that the first structured product of the company is a Callable Multi Barrier Reverse Convertible on Logitech and Temenos Group with a yearly interest of 13%.
While Logitech is a Swiss-American manufacturer of computer software and peripherals, Temenos Group is a provider of enterprise software for banking and other financial services.
