The Dubai Financial Services Authority (DFSA) has granted Eurex the status of a Recognised Body within the Dubai International Financial Centre (DIFC).
The DFSA is the independent, integrated regulatory authority responsible for the regulation of all financial and ancillary services conducted in or from the DIFC. Appropriately Authorised Institutions operating in the DIFC may now apply to become a full member of Eurex and thus will be able to trade all Eurex products. Currently, Eurex is developing all technical pre-requisites to connect new members from the DIFC. A communications hub, a so-called Access Point, will be launched in Q2 to facilitate connection to Eurex.
'Markets in the Middle East are a major focus of our strategy to expand into new markets. We are pleased to be able to offer our services in this fast-growing capital market', said Michael Peters, Global Head of Sales at Eurex.
Eurex obtained a no-objection letter from the Emirates Securities & Commodities Authority, which is the regulatory body for the United Arab Emirates, in November 2006. This allows Eurex to provide direct access for trading firms domiciled in the United Arab Emirates.
The Dubai Financial Services Authority (DFSA) is an independent, integrated regulatory authority responsible for the regulation of all financial and ancillary services conducted in or from the Dubai International Financial Centre (DIFC), including asset management, banking, securities trading, Islamic finance, re-insurance, and an international financial exchange. The DFSA regulatory regime operates to standards that meet or exceed those applying in the world's major financial centers. The DFSA is a central component of the DIFC, a new financial centre established to position Dubai as a recognized hub for institutional finance, and the regional gateway for capital and investment to the Middle East.