Some broker topics started below but see also the UAE broker list of topics on Dubai Share Talk (any broker - list below is for online trading brokers only), or browse the UAE brokers forum for broker related discussions for the UAE and other countries.
At least that's what I heard today - it's a requirement from DFM that all brokers are to set up online trading accounts by the end of this year otherwise their registrations won't be renewed.
So far, I heard specifically that Mashreq, DIS and Emirates Brokerage will be online shortly. But in the light of the information above, you could say that about any brokerage if they're planning to be online by year end. _________________ UAE IPO list | posting guidelines
Last edited by sharewadi on Sun 25 Feb 2007 09:15; edited 1 time in total
No information found on which brokers they're talking about though...
Khaleej Times 31 December 2005:
DFM brokers begin Internet trading
DUBAI — A total of 8 brokers have started trading through Internet on Dubai Financial Market (DFM). These brokers licenced by DFM now can receive and execute trades through Internet.
While an addtional 8 brokers are close to implementing the Internet-based trading 15 other firms are in the final stages of inspecting the system and are expected to be licenced to offer Internet trading by mid-2006. The newly licenced brokers who have no office in the market premises will be required to implement Internet trading during the next year.
Press release lists some brokers which are online for DFM but does not give links. I've added them to list in first post but haven't found all links so far. These brokers are not wanting to be found easily it seems . List from article is:
Dubai Financial Market e-trading AED 8 bn in Jan 2006
Dubai Financial Market (DFM) announced today that the value of electronic share trading (e-trading) on the market was close to AED8 billion in January 2006.
More than 82,453 trades on about 722 million shares, were traded during the month.
Essa Kazim, Director General of DFM, said: 'E-trading is a major priority for Dubai Financial Market. We have taken on the responsibility of spreading awareness about its features and importance of e-trading especially within the investor and broker community. E-trading streamlines the trading process and provides an opportunity to trade from anywhere - from the home, the office and even from abroad.'
'The increase in number of brokers who offer e-trading as well as the growth of e-trading numbers are indicators of the significant steps that the market has taken to keep pace with the latest trends in global markets. We would like to stress the importance of efforts by the brokers to promote the e-trading culture amongst investors. More brokers should give it their focused attention. This would contribute towards implementing a strategic vision aimed at meeting the demands of traders. It will also enhance DFM's leading position in advanced electronic services in the region,' added Essa Kazim.
Brokers who offer online trading on the DFM include Emirates International Brokerage, Direct Broker for Financial Services, Mashreq Securities, Emaar Financial Services, Shaheen Financial Brokerage, Golden Gate Securities, CBD Financial Services, and Middle East Financial Brokerage.
He concluded: 'Most brokers at the DFM are in the final phase of testing their electronic trading platform. They shall be able to offer e-trading services soon and contribute to speed up the trading process. This will enhance DFM's role in the area of e-trading worldwide.'
[edit] Added links to broker information - contact details etc [/edit] _________________ UAE IPO list | posting guidelines
Last edited by sharewadi on Sun 25 Feb 2007 09:19; edited 1 time in total
Not really sure what this article adds to online broker information except that only 15-20% of the transactions are done online in the UAE. I was surprised to read 50% in Saudi.
Currently I have found about 15 or so online brokerages operating in the UAE. Information will be on sharewadi.com soon (hopefully today or tomorrow) ...
Brokerage services poised to be fully online
Staff Report
Dubai: The continued rise in the volume of stock brokerage activities in the UAE will drive investors to move to the fully-online platform over time.
Currently, around 15-20 per cent of retail stock transactions are made online in the UAE.
"Online activity is still relatively small in the UAE. In Saudi Arabia, 50 per cent of retail brokerage takes place online, whereas in the US and other developed markets, over 80 per cent of retail operates online. As the market continues to grow, many of the financial activities are bound to become predominantly technology based," said Seif Fikry, Head of Brokerage at EFG-Hermes, which has recently rolled out online and call centre services for brokerage.
In 2005, the UAE had an average daily value traded of Dh1.69 billion, of which Dh1.35 billion was attributed to Dubai. The market continues to be dominated by retail investors, in contrast to the more developed markets, which are largely made up of institutional investors. "Retail investors are a fragmented group that requires different levels of flexibility to cater to. Offering online and call centre services enables our customers the convenience and ease of brokering their deals at any time from whichever location," said Fikry.
"The exchanges and the regulator are encouraging this type of technological advancement, and upon finalising our infrastructure, the time was right to introduce these value added services."
EBI ebroker has enabled the transfer of money to and from your banknet account to your ebroker account online. This is really good esp for short term investors as it reduces all the hassles and you can move around your money freely.
Cheers _________________ Don't be afraid to sell at Loss ! Always use a SL.
Broker-specific feedback is better added in the broker topics - see the list of UAE brokers. If people are searching for comments about a broker, they're more likely to find the relevant topic. Or start a new topic if the broker you want to comment about isn't listed .
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