Dubai, Asharq Al-Awsat- The Dubai International Financial Exchange (DIFX) has accepted Merrill Lynch as a Member firm able to trade securities.
Merrill Lynch is the 12th financial institution to become a Member since the exchange opened for business in September, 2005. It has joined as a General Clearing and Trading Member.
Nasser Alshaali, Chief Operations Officer of the DIFX, commented: “We welcome Merrill Lynch to the exchange. Its arrival demonstrates the growing appeal of the DIFX to global financial institutions aiming to increase their activities in the dynamic region that the exchange serves.
“We look forward to the arrival of many other international and regional banks as DIFX Members in coming months, contributing to the creation of a thriving trading environment.”
Bob Wigley, Chairman, Merrill Lynch, EMEA said: “We are delighted to be expanding our coverage in the Middle East. Merrill Lynch’s membership of the DIFX adds to our extensive Middle Eastern trading capabilities and complements our long standing commitment to the region. We look forward to continuing to deliver best in class solutions to our clients in this area. ”
The DIFX is the Middle East’s first international financial exchange for equities, bonds, Islamic products, funds, index products and (subject to regulatory approval) derivatives. The target areas of the DIFX for seeking issuers include the Middle East and North Africa, as well as South Africa, Turkey and the Indian sub-continent.
The exchange launched in September 2005 and currently has 12 Member banks – Barclays Capital, Citigroup, Credit Suisse, Deutsche Bank, EFG-Hermes, HSBC, KAS BANK, Mashreq Capital (DIFC), Merrill Lynch, Morgan Stanley, SHUAA Capital and UBS.