<p class=”MsoNormal”>CMC Markets Connects, the
institutional clients-focused division of UK-based online trading provider, CMC
Markets, has expanded its operations in the United Arab Emirates (UAE) by
upgrading its office in Dubai. The company believes this “will be just the
first step in our regional expansion plans.”</p><p class=”MsoNormal text-align-justify”>CMC Markets Opens
“Bigger Office in Dubai”</p><p class=”MsoNormal”>The institutional division,
which serves banks, brokerages, funds and dealing desks, <a href=”https://www.cmcmarketsplc.com/news-media/press-releases/2021/cmc-markets-re-brands-b2b-business-unit-as-cmc-markets-connect/” target=”_blank” rel=”follow”>was rebranded in
January 2021</a>. However, the unit established its physical presence in the UAE in
2019.</p><p class=”MsoNormal”>In a statement shared with
Finance Magnates on Monday, CMC explained that it will combine existing talent
from the division with locally recruited talent and those tapped from the
global business to run the expanded operations. This will ensure “continuity
for existing clients in the region,” the company explained.</p><p class=”MsoNormal”>Speaking in the statement,
Richard Elston, the Group Head of Institutional at CMC Markets Connect, expressed
confidence that the new office will enable the online trading business “to
continue building on our already strong reputation across the Middle East.”</p><p class=”MsoNormal text-align-justify”>“Our move into a new, bigger
office in Dubai underlines both the growth we envisage in – and our commitment
to – the region. The UAE is fast establishing itself as the next global
financial hub, with its location being ideal for multinational companies such
as ourselves to support operations both in European and Asian markets,” Elston explained.</p><p class=”MsoNormal text-align-justify”>CMC Markets Plans New Product
Suite</p><p class=”MsoNormal”>In the statement, CMC Market disclosed its plan to introduce a cash equities product suite to its
institutional clients, thereby expanding its current currencies and commodities
offerings. However, this plan is subject to regulatory approval, the London
Stock Exchange-listed company said. </p><p class=”MsoNormal”>CMC added that the new product
suite will enable it to add a wide range of global stocks to its portfolio. As
a result, the company will introduce new regional and international
markets to its institutional clients
“in the coming months.”</p><p class=”MsoNormal”>Meanwhile, in a trading update
released last week, CMC Markets noted that development upgrades across both its
investing and trading platforms <a href=”https://www.financemagnates.com/forex/cmc-markets-pegs-expected-fy23-income-at-290m/” target=”_blank” rel=”follow”>are in progress</a>. On top of that, the firm says it remains
committed to expanding its institutional business.</p><p class=”MsoNormal”>In addition, the company expects
to launch CMC Invest, its stock trading platform <a href=”https://www.financemagnates.com/forex/brokers/cmc-group-launches-new-stock-trading-platform/” target=”_blank” rel=”follow”>introduced in October 2022</a>, in Singapore “in the coming months.” Earlier in January,
the company obtained an in-principle license to expand the platform to the
Asian country. Moreover, in February, the company <a href=”https://www.financemagnates.com/executives/cmc-markets-connect-relocates-peter-foster-from-sydney-to-singapore/” target=”_blank” rel=”follow”>moved Peter Foster</a> to Singapore from Sydney to focus on the company’s
institutional growth.</p><p class=”MsoNormal”>Furthermore, the company in the
update said it expects net operating income for the fiscal year 2023 that ended
March 31 (last Friday) <a href=”https://www.financemagnates.com/forex/cmc-markets-pegs-expected-fy23-income-at-290m/” target=”_blank” rel=”follow”>to stand between £280-290 million</a>. </p><p>GMO’s new investment; Komainu enhances custody; <a href=”https://www.financemagnates.com/forex/news-nuggets-3-april-gmos-new-investment-komainu-enhances-custody/” target=”_blank” rel=”follow”>read today’s nuggets</a>. </p>
This article was written by Solomon Oladipupo at www.financemagnates.com.
