Lebanese brokerage firm Financial Funds Advisors (FFA) claimed Monday that it has become the first Lebanese financial institution to offer its clients real-time, on-line stock trading, The Daily Star reported Wednesday.
FFA which earned last year a net profit of $700,000, has created a special web page at www.ffadirect.com that will initially allow clients to buy and sell US stocks only, the Lebanese paper said, quoting the chairman of FFA Jean Riachi as saying that “we hope in the future to have on-line access to European markets.”
The move reflects the trend among Lebanese investors to ignore the Beirut bourse and instead focus on major equity markets overseas. Local banks and brokerages do millions of dollars worth of foreign stock trades a day, while total turnover on the Beirut bourse is typically less than $100,000, it added.
Apart from share trading, the daily said, FFA’s online clients will be able to check their account balance, portfolio, and transactions history. The firm will charge a flat-rate commission for trades of up to 2,000 shares and a variable commission for larger amounts. Online clients need a minimum of $500 to open an account. Clients can either send a check or wire the money – Albawaba.com
