New connectivity is helping Middle Eastern buy-siders expand their exposure across the region and letting local brokers attract global investors.
Thomson Reuters now has 30 sell-side brokers and buy-side firms signed up to its Autex Trade Route order routing network in the region.
The network lets local firms connect to international markets and provides international buy-side firms with broker-neutral access to Middle Eastern markets.
“We’ve seen significant growth in the use of Autex Trade Route the Middle East. Globally, we now have well over 10,000 inter-relationships,” said Tom Venezia, global head of transactions business at Thomson Reuters. “There has been a sizeable increase in the number of orders made through the system.”
In the Middle East, Venezia said the buy-side was mostly focused on the local market and flow around the region. However, the sell-side was using the new infrastructure as an opportunity to gain global customers looking for investments in the region’s emerging and frontier markets.
“Demand for local brokers is picking up,” said Chris Smit, head of EMEA for exchange-traded instruments sales at Thomson Reuters. “Egypt is receiving particular attention from international investors.”
Smit said a number of new Autex Trade Route connections into sell-side firms, which previously would execute through larger shops, had provided increased choice for buy-siders looking for local brokers.
The network provides liquidity with real-time FIX-based electronic connectivity across multiple asset classes and more than two billion shares are traded globally per day.
Al Jazira Capital, Al Rajhi Capital, Al Ramz Securities, Arqaam Capital, BankMuscat, Commercial International Brokerage Co, EFG Hermes, EmiratesNBD Securities, HC Brokerage, HSBC Saudi Arabia, Oman Arab Bank, QNB Financial Services (QNB FS), and Sambacapital are among over 30 firms from the Middle-East that are now using Thomson Reuters Autex Trade Route to connect to global markets.
“Abu Dhabi Financial Services regional reach and position as the leading Abu Dhabi broker is dependent on providing exceptional client service in the UAE and the MENA region,” Aymen Samawi, managing director at Abu Dhabi Financial Services. “Thomson Reuters trade routing helps us enhance the client access and experience. This is especially true with our institutional clients and the connectivity requirements they need.”