Fidessa, a trading technology provider for buy- and sell-side firms, has added Middle Eastern brokerage Mubasher Financial Services (MFS) to its global connectivity network.
The link will enable the 400 brokers and 2,300 buy-side firms on Fidessa’s network to access exchanges in the Middle East, including Gulf Cooperation Council (GCC) markets, via Mubasher’s execution capabilities.
Mubasher currently offers direct market access services to all GCC markets, as well as Egypt, Lebanon and Turkey. The firm is also developing algorithms tailored for the Middle Eastern region and offers local brokerage services in Jordan, Tunisia and Morocco.
“Working with Fidessa, with its global reach and reputation, is an important step for us in opening up the Middle Eastern markets to the sell-side and buy-side globally and we look forward to building a strong partnership with them in the future,” said Nick Wright, head of institutional brokerage, MFS.
“For the brokers and buy-side firms on Fidessa’s global network, the connection to MFS opens up a wealth of possibilities in the Middle East region,” added Edward Manley, regional manager, Middle East and Africa, Fidessa. “Not only does MFS act as a local routing destination with a trading desk, but its DMA connections mean that an order could go straight through to market without any delay.”
Fidessa launched its Middle Eastern operations at the beginning on 2009. It has since opened a representative office in Bahrain and added EFG-Hermes, a Middle Eastern investment bank, to its connectivity network.