Dubai Financial Market(DFM), a renowned stock exchange based in the United Arabs Emirates gave Swissquote access authority to its market.
Swissquote ability to have DFM market rights paves a smooth way for their clients to access securities listed on the DFM market.
The Switzerland-headquartered broker acquired the access through the Direct Market Access Route of GTN Middle East Financial Services (GTNME). GTNME is an institution that provides brokerage services in the Middle East.
The connection to DFM was a chain that passed through the DMA Route of BMH Capital Financial Services, one of the institutional brokerages’ services providers listed on DFM.
The CEO of DFM, Hamed Ali said that the connection of Swissquote to the market intends to make the exchange accessible to an expanded investor ground.
“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 noted.
“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 added.
Swissquote Connection Trend
The link between Swissquote and DFM is framed as one of the several main breakthroughs an online trading services provider has recorded since January 2022 to date.
At the start of the year, Swissquote introduced a new cryptocurrency exchange, SQX, an action that leveled it with its competitors. The launch of SQX was a way to widen the range of Crypto services.
The company praised the existence of the crypto trading venue terming it as a vessel that allows its customers to gain experience in trading, execution, and liquidity.
Swissquote also registered a new app, the TWINT app, in August mainly to serve the payment sector to ease mobile payments for clients.
The app will be released to customers at no fee but this is limited to clients using an eTrading account.
Earlier this year, Swissquote partnered with Leonteq with the mission of launching its first structured product on the Six Swiss Exchange.
The only first structured product that the company holds is a Callable Multi Barrier Reverse Convertible on Logitech and Temenos Group with a yearly interest of 13%.
Logitech is a Swiss-American software and peripherals manufacturer whereas Temenos Group provides software banking and financing.