OANDA Expands to Dynamic Middle East Market with New Regional Office in DIFCPress Release09 Dec 2009 08:42 am
Company to Provide Internet-based Forex Trading and Currency Information Services
OANDA, an innovative foreign exchange leader that provides Internet-based forex trading and currency information services to everyone from individuals to banks and financial institutions, has formed the OANDA Middle East Corporation Ltd. and opened a Dubai office.
The Dubai office has been set up at the Dubai International Financial Centre (DIFC) under licence from the Dubai Financial Services Authority.
Abdulla Mohammed Al Awar, Chief Executive Officer of DIFC Authority, pointed out that the financial and Information Technology sectors have had a long and successful relationship. "Growing sophistication, security and ease of use of Information Technology platforms have given a tremendous boost to the financial sector. We welcome OANDA and we are sure that it will add value with its technological expertise to the region's financial sector."
“OANDA is always looking to innovate through technology and push the boundaries of what is possible,” said OANDA’s President and CEO Michael Stumm. “Our focus on technology makes us a good fit in the Middle East, which is a sophisticated market with a clear need for equitable and fair FX trading.” The OANDA FXTrade platform boasts a long list of innovative firsts, including any-size trades and immediate execution with no requotes. The platform offers automated 24/7 trading, which will better accommodate the typical Sunday-Thursday work week in the Middle East.
Paul Hayward, who has been appointed Managing Director of OANDA Middle East Corporation, will focus on high net worth investors and institutions in the Middle East and their need for ultra competitive spreads and consistent liquidity. Hayward brings more than 25 years of foreign exchange experience to his position at OANDA. Before relocating to Dubai 3 1/2 years ago, Hayward held a number of senior management positions at institutions regulated by the UK FSA, including CEO of Swiss Financial Services and Head of Sales at Raiffeisen Zentralbank London. Hayward was also jointly responsible for setting up a highly successful margin trading and hedge fund service desk at HSBC.
According to Hayward, “the global financial crisis has highlighted the need for enhanced vigilance in the area of currency risk management. OANDA has a long history of strong technology and openness, and we look forward to helping our clients manage their foreign exchange exposure and implement cost-effective hedging strategies.”
OANDA Middle East Corporation Ltd is located in the Dubai International Financial Centre (DIFC), which is the world's fastest growing international financial centre serving the vast region between Western Europe and East Asia. Financial services firms within DIFC are regulated by the Dubai Financial Services Authority (DFSA), which has set uncompromisingly high standards in creating a regulatory and legal framework built on the best practices of leading jurisdictions in Europe, North America and the Far East.