Leading Middle East investment bank EFG Hermes joins Fidessa's network
Kingdom of Bahrain - 15th October, 2009 - Fidessa group plc (LSE:FDSA), provider of the award-winning multi-asset trading, portfolio analysis, compliance, market data and global connectivity solutions for the buy-side and sell-side, today announced that EFG Hermes has joined its global connectivity network.
As one of the leading investment banks in the Arab world and one of the largest emerging markets investment banks globally, EFG Hermes provides access to all the major markets in the region, including EGX, Tadawul, KSE, DFM, DIFX, ADX, and NASDAQ Dubai. The full range of EFG Hermes' brokerage services is now available to more than 2,300 buy-sides and 400 brokers worldwide across the Fidessa network.
"We're pleased to partner with a leading group such as Fidessa and look forward to working with an organization that shares our commitment to providing clients around the globe with unparalleled value-added brokerage services and access to markets within the region," said Sherif Cararah, EFG Hermes Securities Brokerage Managing Director. "Offering additional financial content and expanded trading capabilities to a new audience of investors will only increase the already growing global interest in our region."
EFG Hermes Securities Brokerage enjoys a market leading position in five direct markets and six indirect markets throughout the Middle East and North Africa, providing an unparalleled diversity of products and services to more than 600 global institutional investors and over 32,000 retail and high-net-worth clients. The group will offer Fidessa clients both direct and indirect access to all MENA markets through both membership and third-party relationships.
Edward Manley, Regional Manager for the Middle East & Africa at Fidessa, adds: "Since our official launch in the Middle East at the beginning of 2009, we've been committed to expanding the range of services we offer across the region. The addition of EFG Hermes to our global network provides access to an unrivalled range of markets across Egypt, Saudi Arabia, Kuwait, the UAE, Qatar, Lebanon and Oman. At the same time, we continue to invest heavily in developing our multi-asset order and execution management solutions, compliance and market data capabilities within the region."
In the first half of 2009, Fidessa's global connectivity network has continued to increase its traffic by over 20% percent and now carries flow with a value of $600 billion a month.
About EFG Hermes Securities Brokerage
EFG Hermes Securities Brokerage enjoys market leadership in five direct markets and six indirect markets throughout the Middle East and North Africa. The firm's direct presence in Egypt, UAE, Saudi Arabia, Oman and Kuwait allows it to provide an unparalleled diversity of products and services to more than 32,000 retail and high-net-worth clients and over 600 global institutional investors.
The group has consistently maintained its position as the highest-ranking securities brokerage in Egypt by market volume. In the UAE, it was ranked number one on the DFM and ADX in 2008 and has maintained a leading position on the DIFX. The firm in 2008 was ranked first among the 20 independent brokerage companies in Saudi Arabia, while in Kuwait and Oman it was among the top three brokers in spite of its having only recently established a physical presence in the two markets.