Standard Chartered strengthens Middle East forex business

Dubai: Standard Chartered has announced that it has further strengthened its Middle East foreign exchange operations from its regional headquarters in the Dubai International Financial Centre (DIFC).

Over the past two years, the bank's annual trading volume has increased by 400 per cent.

Standard Chartered now operates the largest trading floor in the region with over 200 seats and is the main liquidity provider for the Middle East local currency markets.

Commenting on the expansion, Dan Azzi, Co-Head of the Wholesale Bank in the Middle East & North Africa, Standard Chartered said: "Standard Chartered's global strategy is to step up its focus on the Middle East which is considered a promising market, and this would include the forex industry. We have evolved our FX business in the Middle East to meet the needs of our clients as they've increased their level of cross-border activity. We are in the process of further investing in our human resources and infrastructure to take advantage of the prospects in the region."

Over the last few years, Standard Chartered has also relocated several global positions to its regional headquarters further emphasising its commitment to the region, including the Global Head of G10 FX, Global Head of G10 Rates Trading, and Global Head of Short Term Interest Rate Trading.

Well-positioned

Nafees Akbarali, Regional Head of Fixed Income, Currencies and Commodities Trading Mena and Global Head of G10 rates Trading at Standard Chartered said: "With a deep knowledge of the local markets and the most substantial market share of the GCC FX volume, we are well-positioned to achieve further growth in the region. Standard Chartered is committed to bring best international practice in the forex industry to the Middle East market."