Menacorp, the UAE’s leading financial services firm, has announced that is has become the first brokerage firm in the region to receive Derivative Membership under international financial exchange NASDAQ Dubai Limited.
It will act as a Trading and Clearing Member for Securities and Derivatives with the aim of leading the market by launching new financial products that are unique to the region.
In cooperation with NASDAQ Dubai, Menacorp will be significantly involved in product development to ensure the success of the new offerings. Moreover, it will bring international expertise to the regional market to make sure that the future products adhere to global standards in terms of characteristics.
Menacorp has committed to a large investment in its information technology (IT) solutions in order to provide international benchmarks in reporting and risk management for derivative products.
Racha Al Khawaja, Senior Vice President, Menacorp said: “Our Derivative Membership under NASDAQ Dubai Limited will change the financial investment landscape in the GCC in general and the UAE in particular. Our brokers and sales team have been trained on the upcoming products to ensure success right from the launch. Additionally, we have in-house team proficient in international futures trading to make sure that our expertise reaches out to our clients.”
Nabil Al Rantisi, Managing Director, Menacorp added that: “Educating clients is paramount to the success of this initiative and the response so far has been extremely positive. We are closely working with the exchange and decision makers to add more listings before the end of the year.”
Menacorp was ranked the number one brokerage firm in the UAE by trade value for 2013 and 2014 and the first quarter of 2015. The premier financial services group for the MENA markets offers Investment Banking, Securities Brokerage, Asset Management, Financial Research, and Shariah-compliant Financial Solutions. It is authorized and regulated by both the Emirates Securities and Commodities Authority and the Dubai Financial Services Authority. Menacorp is chaired by Mr. Hamad Ghanem Bin Hamoodah and is fully owned and financially supported by the prestigious Abu Dhabi-based conglomerate Bin Hamoodah Group.