Saudi company in talks to offer online trading

Saudi Arabia's National Technology Group is holding talks with stock brokers in Dubai and Abu Dhabi to offer an online realtime stock market information and trading platform called Mubasher.

Mohammad R. Al Balla, chairman of NTG said at a press briefing yesterday that the company had entered into an agreement with Dubai Financial Market (DFM) and Abu Dhabi Securities Market (ADSM) to establish direct feed of stock market information.

He said both markets had certified the online service capabilities developed by NTG.

While Mubasher Trade is a bilingual real time online stock trading service for UAE investors, Mubasher Market is the real time stock market information service with more than 60,000 subscribers in Saudi Arabia and Egypt.

"This was recently appointed as an authorised data vendor for the Abu Dhabi Securities Market and the Dubai Financial Market," said Al Balla.

He said Mubasher had successfully concluded tests regarding straight order processing with DFM and ADSM.

This can be considered a preliminary to the launch of a powerful online stock trading engine that will allow real-time buying and selling of securities within a multi-market environment, he said.

DFM is preparing to launch online trading from the exchange, and according to Eisa Kazim, director-general of DFM, the exchange has developed capabilities to commence online trading.