Thomson Reuters, which provides a comprehensive coverage of regional markets including real-time information from equity markets and funds, has relocated its global head of foreign exchange (FX) transactions to the UAE.

The move comes amidst the recognition of the growing importance of the Middle East and African FX dealing markets, the company said while announcing the move of Mark Kiley from its Singapore office to Dubai.

“This is one of the world’s most important FX trading regions and Mark’s move here is part of Thomson Reuters strong commitment to supporting the expansion of the region’s financial markets,” said Basil Moftah, managing director for Thomson Reuters in the Middle East and Africa.

Additionally, Thomson Reuters today (September 2) published its average daily FX spot volumes on hihifrds.com, its FX and money markets customer portal, for the month of August 2009 which were in excess of $116 billion.

This represents the amount traded on Thomson Reuters main FX spot trading services -Thomson Reuters Dealing, Matching and Reuters Trading for FX. The equivalent figures for June and July were $132 billion and $118 billion respectively.

“As a fast growing market, Middle East investors, traders and regulators need sophisticated and reliable products to manage and monitor this important asset class,” Kiley said.

“Our broad range of FX services supports thousands of trading communities around the world, all of which are at various stages of development and with different requirements,” he added.

Kiley joined Reuters in 1994 following a successfully career in trading spot, forward and money markets in the City of London. Kiley has worked primarily in London but spent the last two years in Singapore before his transfer to Dubai. – TradeArabia News Service