Kuwait and Middle East Financial Investment Company (KMEFIC), a Kuwait-based asset manager financial services institution, has selected multi-asset trading technology provider Quod Financial to build a new online trading platform for Kuwaiti retail and high-net-worth individuals.
After the new platform has been developed for Kuwait, KMEFIC plans to extend its use to other Gulf Cooperation Council members and Middle Eastern countries to create a regional brokerage offering.
Quod’s Adaptive Online Trader (Adaptive OLT) front end, which the new platform is based on, is built using Microsoft’s Silverlight development platform. Users of the front end will have access to real-time streaming data and content and have the ability to integrate the system with other trading tools.
“We have led the way in developing and applying pioneering technology to the asset management industry in the Middle East. Our partnership with Quod Financial is an extension of this and will benefit all of our retail and high-net-worth clients,” said Abdulaziz Y Al-Babtain, head of e-business at KMEFIC, in a statement.
“Retail flow is a major part of trading volume in emerging markets, and creating differentiators for this segment is a key component in the long term success of sell-side institutions,” added Ali Pichvai, CEO of Quod Financial.