- Leading foreign currency broker sees further growth with transition to investment banking
Advanced Currency Markets Middle East announced a huge 50 per cent increase in monthly trading volumes reaching $45 billion, up from an average of $30 billion it registered last year.
Overall, total volumes traded monthly have breached the $150 Billion mark, and continues to rise with increasing investor confidence.
The growth represents an increasingly felt phenomenon in the GCC and elsewhere in the world – a significant migration of investors from the property and stock markets to foreign currency trading.
“Globally, ACM has seen monthly trading volumes reach $150 billion monthly since September, up 50 per cent from last year. The current turmoil in the financial, and mostly banking sector, has generated a huge volatility in the market, creating plenty of opportunities for our clients,” said Saber Daboussi, CEO, Middle East and Asia. “In the region, we have seen a growing number of investors, especially from the UAE and Saudi, who are exploring foreign currency trading as an alternative investment option. We have grown so fast and so big our monthly trading volumes now account for 30 per cent ACM’s volumes worldwide.”
This just affirms that many investors and high net-worth individuals in this part of the world are still awash with cash, but are still anxious of the stock and property markets. And this is where foreign currency brokers like ACM comes in.
From a trading perspective, ACM’s chief executive explained how the current financial crisis is benefitting the Swiss-headquartered, leading online foreign currency broker. “Unlike any structured product, the FX spot market contains no hidden risk. Trading on the spot market implies buying or selling the so called ‘underlying’ asset itself. Thus, any volatility in the market is seen as an opportunity to trade, because in this business our clients make money whether a currency goes up or down,” he said.
This is also the reason why Daboussi cautions investors about choosing the right broker who can give them the proper advice and recommendations. “It is important to analyze the market using the broker’s expertise and knowledge, as well as credibility. And it is always preferred to work with an international FX broker like ACM, especially with our guarantee that What-You-Click-On-Is-What-You-Get, a benefit not offered by any other broker. And this is important because investors need not worry about the execution process and are assured there is no slippage in their orders. Taking care of all these conditions will guarantee making money for the client,” he added.
But growing trading volumes from UAE and Saudi are not the only reasons why Daboussi is optimistic about ACM’s future prospects in the region. He revealed that the Swiss main office has just filed a banking license requisition with the Swiss Financial Market Supervisory Authority.
“Following the acquisition of ISO 9001 and ISO 27001 certifications, a considerable increase in its share capital, and a perpetual refinement in its services, the banking license request is a sign of the company’s viability, outlining a true measure of security, quality and longevity for our clients. More importantly, once realized, this will enable us to offer a broader range of services to our clients in the region, not only to individual clients but to institutional investors as well,” Daboussi ended.
