Swiss Regulator Allows Brokers To Trade Directly On DIFX

by Lorys Charalambous, Tax-News.com, Cyprus

18 July 2007

The financial services regulator in Switzerland has authorised brokers there to connect directly to the Dubai International Financial Exchange and trade its shares and other securities.

It is the fourth European country to allow brokers to trade directly on the DIFX, along with the UK, the Netherlands and the Irish Republic. These links enable the DIFX to offer greater accessibility to international investors.

Per E. Larsson, Chief Executive of the DIFX, commented: "This agreement significantly strengthens the international links of the exchange, as Switzerland is a major international financial centre with brokers directly investing billions of dollars in overseas securities. They can now add DIFX securities to their portfolios."

The decision by the Swiss Federal Banking Commission covers brokers that are domiciled there, and allows them to apply to the DIFX to become Members of the exchange.

Brokers can also trade directly on the DIFX by setting up an office inside the Dubai International Financial Centre. In addition, brokers anywhere in the world can trade indirectly on the exchange through a DIFX Member.

Hamed Ali, Executive Officer of the DIFX, stated that: "The link with Switzerland creates a new route for international investors to access the exchange. It is another step towards creating an active trading environment for the benefit of all investors, both international and regional."

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