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.”
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