TFS Grows International Presence, Opens Office in DIFCPress Release11 Jul 2006 11:28 am
Tradition Financial Services (TFS), a leading interdealer broker and subsidiary of Compagnie Financière Tradition, today announced a global expansion with the opening of an office at the Dubai International Financial Centre (DIFC). TFS is the first interdealer broker with a presence there.
The office will initially cover precious metals and is led by Trevor Conway, Senior Executive Officer of Dubai, who has over 12-years of global (Sydney, Hong Kong and London) broking experience at TFS. Julian Hofer and Arron Wright, both senior brokers, and Jono Bull are also based in Dubai. TFS sees potential for development and new client acquisition, and has plans to broker oil, freight and financial instruments.
Trevor Conway commented, "The DIFC has positioned itself as a financial service center for the region and has a very pro-business environment. Since we broker both over-the-counter (OTC) physical and derivative products, the DIFC was an obvious choice for our first TFS office in the Middle East." Trevor continued, "Other driving factors in our decision were the opening of the Dubai Gold Exchange in late-2005, the imminent launch of the Dubai Mercantile Exchange, and the fact that Dubai is the largest physical purchaser of gold in the region.(India, Pakistan and the Middle East)."
Assem O. Kabesh, Chief Business Development Officer and Board Member at the DIFC, said TFS has gained a clear advantage by becoming the center’s first inter-dealer broker.
“Regional demand for exposure to precious metals, both from an investment and risk management perspective, is high. By establishing an office at the DIFC, TFS can take first-mover advantage to capitalize on this demand and growing interest in the broader derivatives market,” he said.
TFS is located in the Dubai International Finance Centre (DIFC), which houses the Dubai International Finance Exchange (DIFX), and is regulated to international standards by the Dubai Financial Services Authority (DFSA).