- The company was developed by Peter Cruddas back in 1989.
- CMC Markets is a financial service providing company that allows online trading.
CMC Markets (CMCMarkets Connects), a UK-based online trading provider. Set to expand its institutional clients-focused division in the United Arab Emirates (UAE). The company has upgraded its office in Dubai, which seems to be the first step in its regional expansion plans. This financial firm serves banks, brokerages, funds and was rebranded last in January 2021. Initially CMC Markets had established its presence in the UAE in 2019.
The Reason For CMC Markets Expansion Into The Middle East, Specifically Dubai
The company has announced that it will introduce a new product suite. Which will offer a wide range of global stocks to its clients. This move will allow the company to expand its current offerings and introduce new regional and upcoming months. The company also revealed in a recent update that it is working on developing upgrades for its investment and trading platforms.
In addition, CMC Markets had launched CMC Invest back in October 2022, its stock trading platform. The company plans to combine existing talent to run the expanded operations in UAE and aims to continue building on its reputation across the Middle East, by setting up its business in Dubai. Richard Elston, the Group Head of CMC Markets Connect, believes that the move to a bigger office in Dubai will allow online trading businesses to offer services.
The UAE is fast becoming the next global financial hub. Its strategic locations ideal for multinational companies to support operations in both European and Asian markets. Peter Foster, a major official in the company, had been relocated to Singapore from Sydney. To concentrate on the company’s institutional growth in the country. The firm also anticipates its net operating income to be between £280-290 million for the financial year 2023.
Contracts for Differences
CMC markets offers an online mobile trading platform for enabling clients to trade over 14k financial instruments across shares, bonds, foreign currencies, commodities and treasures through Contracts for Differences (CFD). A CFD is a legal contract that binds two entities. As “buyer” and “seller” under some terms & conditions in the agreement.
The company is regulated in multiple jurisdictions by the Australian Securities. And Investment Commission (ASIC) in Australia, by the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) in the EU Monetary Authority of Singapore (MAS) in Singapore. The Dubai Financial Services Authority (DFSA) in Dubai, and the Financial Conduct Authority (FCA) in the UK. The company is a provider of liquidity and white label trading solutions to the institutional and retail market.
As per FinanceFeeds, a real-time trading news reporting company. Richard had said that there has been a shift in the momentum of financial markets across UAE. Additionally, the new DIFC (leading financial hub in the Middle East) location ensures continuity for existing clients in the region. And extends the company’s commitment to the MENA (group of counties located in and around Middle East and South-east Asia) region.ASIC