Thomson Reuters, a market data and trading technology firm, has added broking house EFG-Hermes to its order routing network, expanding its exchange trading offering throughout the Middle East and North Africa (MENA) region.
Market participants who use the Reuters Trading for Exchanges order routing platform, both inside and outside the MENA region, can now send orders to EFG-Hermes for execution. The deal takes the number of regional brokers on the Reuters network to 37 and allows clients to access a variety of markets in the region via EFG-Hermes. These include The Egyptian Exchange, The Saudi Stock Exchange (Tadawul), Kuwait Stock Exchange, Dubai Financial Market, Abu Dhabi Securities Exchange, Nasdaq Dubai and the Muscat Securities Market.
According to Thomson Reuters, the move supports the increasing movement of mainstream and foreign investors into Middle Eastern markets and Islamic finance.
“Thomson Reuters is committed to supporting the expansion of the financial markets in the Middle East,” said Basil Moftah, managing director for Thomson Reuters in the Middle East and Africa. “Thomson Reuters plans to continue to support this growing region by adding more specialised content and additional trading capabilities.”
The Reuters Trading for Exchanges platform provides access to the joint global community of the Tradeweb Routing Network and Reuters Order Routing Network, comprising over 1,000 participants worldwide and processing in excess of 1.5 billion shares per day.
“Joining the vast Thomson Reuters brokerage network will not just result in new trades for the firm – it will also give EFG-Hermes’ clients around the globe unrivaled access to markets within the region,” added Sherif Cararah, managing director, EFG-Hermes Securities Brokerage.