OANDA, a provider of Internet-based forex trading
and currency information services to individuals, banks and financial institutions,
has formed the OANDA Middle East Corporation Ltd and opened a Dubai office in the Dubai International Financial Centre
(DIFC) under license from the Dubai Financial Services Authority.
Abdulla Mohammed Al Awar, Chief Executive Officer of the DIFC Authority, welcomed
the group’s announcement: "Growing sophistication, security and ease
of use of Information Technology platforms have given a tremendous boost to
the financial sector. We welcome OANDA and we are sure that it will add value
with its technological expertise to the region's financial sector."
“OANDA is always looking to innovate through technology and push the
boundaries of what is possible,” said OANDA’s President and CEO
Michael Stumm. “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.”
Paul Hayward, who has been appointed Managing Director of OANDA Middle East
Corporation, will focus on high net worth investors and institutions in the
Middle East and their need for competitive spreads and consistent liquidity.
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
CEO of Swiss Financial Services and Head of Sales at Raiffeisen Zentralbank
London.
According to Hayward: “the global financial crisis has highlighted the
need for enhanced vigilance in the area of currency risk management. OANDA has
a long history of strong technology and openness, and we look forward to helping
our clients manage their foreign exchange exposure and implement cost-effective
hedging strategies.”
OFFSHORE-E-COM.COM
