Thomson Reuters grows Middle East trading network

Published July 14th, 2009 - 08:49 GMT

Thomson Reuters today announced that the network of  brokerages in the Middle East and Africa using Reuters Trading for Exchanges, (RTEx) its screen-based exchange trading platform to buy and sell shares and other financial instruments, is set to almost double as more brokers “go live” on the system.

In a move reinforcing Thomson Reuters’ leading position in the region, financial market professionals using RTEx will be able to route orders using prices they see on their desktop for exchange traded instruments including equities, futures, commodities and energy derivatives, to a further 19 regional brokers on top of an existing network of 21.

 

Firms both inside and outside the region can use RTEx to access liquidity from the largest markets in the Middle East and Africa region including the; Abu Dhabi Securities Exchange (ADX), Bahrain Stock Exchange (BSE), Dubai Financial Market (DFM), Dubai Multi Commodities Centre (DMCC), Doha Securities Market (DSM), Egyptian Exchange (EGX), Johannesburg Stock Exchange (JSE), Kuwait Stock Exchange (KSE), Muscat Securities Market (MSM), Nasdaq Dubai and Tadawul Saudi Arabia.

 

“The Middle East markets are growing in maturity and an increasing number of brokers are looking to reduce the cost of trading by using electronic methods,” said Basil Moftah, Managing Director for Thomson Reuters in the Middle East and Africa.

 

“We are strongly committed to supporting the expansion of the financial markets of the Middle East and we are pleased by the increasing network of brokers going live on the system in the region. That network is now firmly established as the biggest and strongest in the region based on multi-asset trading capabilities, deep market leading content, news and analysis.”

 

Moftah said Thomson Reuters plans to continue to support region by adding more specialised content and trading capability. “We also support the increasing movement of mainstream and foreign investors into Middle Eastern markets and Islamic finance,” he added.

 

RTEx is available to users of Reuters 3000 Xtra. It provides access to the global community of Tradeweb Routing Network and Reuters Order Routing Network, comprising more than 1,000 participants worldwide processing in excess of 1.5 billion shares per day.

 

Thomson Reuters opened its first office outside Europe in Alexandria, Egypt, in 1865. The company provides comprehensive coverage of Middle East and African markets including real-time information from all major equity markets, funds, indices and money markets. Customers can also access data on Sukuk, Islamic loans and other Islamic instruments, plus strong regional news coverage including an Arabic news service. In addition, Thomson Reuters provides broad trading capabilities for listed instruments as well as foreign exchange and money markets.


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