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DFM brokers shift to new trading platform

Dubai, November 16, 2009

Dubai Financial Market (DFM) licensed brokers hailed the successful migration to the new trading platform (X-Stream), as a major milestone in DFM’s drive for excellence and development.

The shifting to the new trading system was welcomed by the brokerage community, highlighting the importance of this new platform in supporting their business activities and setting the stage for future requirements related to the introduction of different financial instruments.

The brokerage community praised DFM’s restless efforts in training brokers to adopt the new system, enabling them to shift from the previous Horizon system to X-Stream smoothly.

DFM-licensed brokers went through an extensive training programme to operate the system, involving DFM training sessions for over 200 trading managers representing 99 brokerage firms. Moreover, 76 trading simulation sessions were organised in addition to open Q&A sessions to resolve any queries that arose from the brokerage firms.

The new system provides DFM the ability to execute over 720,000 orders per session with X-Stream and easily introduce new instruments such as Exchange Traded Funds (ETFs).

Mohammed Ali Yasin, chief executive officer of Shuaa Securities said the new system was a substantial improvement from the old Horizon system.

'The tools and reports in it surpass by far the current trading requirements of the brokers on DFM. We can see from some of the advanced tools available in it that it will cover the future requirements of the brokerage community, that will arise from the future regulations and investment tools introduced in our markets,' he observed.

'The DFM implementation plan was handled professionally by the DFM team who gave us enough training sessions to learn and get used to the new features of the system and to ensure the smooth migration to the new system,' he added.

Hamood Al Yasi, general manager of Emirates International Securities said the system deployment has been very smooth and seamless thanks to the comprehensive testing sessions arranged by the DFM.

'One of the main reasons behind the success of the X-Stream deployment is due to fixing of all the issues identified during the testing sessions prior to the deployment of the system. As one of the largest brokerage firms operating in DFM, EIS is delighted to put on record that the new system has added more stability, efficiency and given more flexibility for especially order execution related functionalities,” he stated.

Seif Fikry, head of Brokerage UAE and Oman for EFG-Hermes, said: 'As a leading regional investment bank with brokerage operations in multiple markets, it is strongly encouraging to see an increasing number of exchanges migrating to this sophisticated platform (X-Stream).

'Currently, this system is deployed in DFM, Nasdaq Dubai and the Egyptian exchange where EFG-Hermes is a major player, and certainly this will provide a good deal of scalability for EFG-Hermes across product classes and markets. The process of migration has been well managed by the DFM and has been seamless for EFG-Hermes.'

Ibrahim Abu-Gharbieh, general manager, Direct Broker for Financial Services said: 'The launch of the new trading system is a milestone in the development of the DFM to enhance its position as the market of choice in the region. X-Stream is a sound and highly-efficient platform for the fast and healthy development of the market.'

'Mubasher worked with the DFM to ensure a smooth deployment and make sure the new improvements are communicated to our large base of investors. Our staff has been trained by the DFM and are ready to serve the local and regional clients with any further information they require,' he added.-TradeArabia News Service




Tags: DFM | brokers | Trading platform | X-Stream |

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