11 Jan, 2009Direct Broker for Financial Services joins NASDAQ Dubai

Direct Broker for Financial Services LLC (DBFS), the operator of the Mubasher Trade online trading system in the UAE, has joined NASDAQ Dubai as a Member.

DBFS is a subsidiary of Mubasher Financial Services, which operates the Mubasher trading system across all the Gulf Cooperation Council (GCC) countries, Egypt, and many other international markets. DBFS is the fourth broker to join NASDAQ Dubai directly from the regulatory jurisdiction of the UAE and is a leading broker on the UAE exchanges.

Ibrahim Abu Gharbieh, CEO, DBFS, said: "We have been offering our Customer online execution in NASDAQ Dubai for a long time through one of the international banks in DIFC, and we are delighted that we can now offer our retail and institutional clients in the UAE, as well as throughout the GCC and beyond, the opportunity to extend their trades by directly trading securities listed on NASDAQ Dubai. By becoming a Member of the international exchange serving the region, we are providing access to a unique and growing range of regional and international securities for the thousands of investors who trade through the Mubasher systems."

Jeff Singer, Chief Executive of NASDAQ Dubai, said: "Through its online trading platform, DBFS is established as a prominent broker on UAE exchanges. Its arrival as a NASDAQ Dubai Member links the exchange directly to a significant group of investors and is a further step in enhancing accessibility to the exchange across the region."

DBFS has joined NASDAQ Dubai as an Individual Clearing Member, a status which enables it to execute and clear its own and its customers' trades.