OANDA, an innovative foreign exchange leader that provides Internet-based forex trading and currency information services to everyone from individuals to large corporations, has formed the OANDA Middle East Corporation Ltd. and opened an office in Dubai. Paul Hayward, the managing director of OANDA Middle East Corporation, will focus on high net worth investors and institutions in the Middle East and their need for ultra competitive spreads and consistent liquidity.
"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. The OANDA FXTrade platform boasts a long list of innovative firsts, including any-size trades and immediate execution with no requotes. The platform offers automated 24/7 trading, a particularly attractive feature in a region where Sunday is a typical business day."
Hayward brings more than 25 years of foreign exchange experience to his position at OANDA. 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. Hayward was also jointly responsible for setting up a highly successful margin trading and hedge fund service desk at HSBC.
According to Hayward, "the global financial crisis has highlighted the need for enhanced vigilance in the area of currency risk (http://fxconsulting.oanda.com/tools/currency-risk-assessment-tool.shtml) management. Middle East institutional investors are especially interested in hedging their exposure to volatile currencies such as the US dollar. 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."
OANDA Middle East Corporation Ltd. is located in the Dubai International Financial Centre (DIFC), which is the world's fastest growing international financial centre serving the vast region between Western Europe and East Asia. Financial Services firms within the DIFC are regulated by the Dubai Financial Services Authority (DFSA), which has set uncompromisingly high standards in creating a regulatory and legal framework built on the best practices of leading jurisdictions in Europe, North America and the Far East.
