Oanda enters Middle East market
Dubai, September 10, 2009
Oanda, a leading provider of Internet-based forex trading and currency information services, has formed the Oanda Middle East Corporation and opened an office in Dubai.
The company will focus on high net worth investors and institutions in the Middle East and their need for ultra competitive spreads and consistent liquidity.
'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,' said Oanda's president and chief, Michael Stumm.
'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, a particularly attractive feature in a region where Sunday is a typical business day.'
Paul Hayward who heads the Dubai office, brings more than 25 years of foreign exchange experience to his position at Oanda. Before relocating to Dubai three and a half years ago, Hayward held a number of senior management positions at institutions regulated by the UK FSA, including chief of Swiss Financial Services and head of Sales at Raiffeisen Zentralbank London.
'The global financial crisis has highlighted the need for enhanced vigilance in the area of currency risk management. Middle East institutional investors are especially interested in hedging their exposure to volatile currencies such as the US dollar. We look forward to helping our clients manage their foreign exchange exposure and implement cost-effective hedging strategies,' added Hayward.-TradeArabia News Service