This exclusive tie-up offers customers in the UAE and the Middle East an opportunity to trade over 2,000 financial instruments like Share and Stock Index CFDs (Contracts for Difference), as well as foreign exchange, gold and silver from a single account and from a single Internet trading platform.
At a press conference to launch the event, HE Sheikh Faisal Khalid Sultan Al Qasimi, the Chairman of Orient Financial Brokers explained that this unique service has opened up a new vista and a haven for investors. “The mission of OFB is to bring trading opportunities in a wide variety of financial instruments catering to all segments of the market, particularly retail investors”, explained Sheikh Faisal. “Customers can now trade Share and Stock Indices , major currencies, major crosses and precious metals, from the comfort of their offices or home, he explained. The minimum account opening amount has been kept at just US$ 3,000 to ensure that a vast section of the financial trading enthusiasts can participate in the global markets.
Mr. Peter Cruddas, the Managing Director of CMC Group Plc, London, added that CFDs (Contract for Difference) offer customers all the benefits of trading shares without having to physically own them.
Mr. Ajay Pabari, Finance Director of CMC Group Plc said that the benefits of CFDs are their cost effectiveness and their flexibility.
“Because you are trading on the price movement of a share or stock index without physically owning it, it is as easy to sell a share or index as it is to buy it. A CFD trader has the opportunity to profit from both bull and bear markets as well as short term intra day movement,” he said. He went on to say that just as CFDs mirror the price and movement of the physical share market, they also mirror any Corporate Actions that take place in the underlying shares. “This means that the owner of a share CFD will receive dividends, and participate in stock splits, just as they would if they owned the physical share. CFDs also offer a variety of trading strategies such as ability to sell short. Besides, return on investment is magnified because of leverage. CFDs are traded on margin basis,” he explained.
OFB’s partnership with CMC Group Plc offers real-time dealing prices, a comprehensive product range, free trading software, choice of trading in multiple products from one account, the flexibility to trade from anywhere in the world, low margin requirements and last but not least, low commissions.
Mr. Rajinder Kumar, General Manager of OFB said that at the heart of the service is an award winning trading software. The software used is the most advanced, flexible and comprehensive trading platform, giving customers access to thousands of real-time prices. A customer can trade Shares and Stock Indices as CFDs from US, UK, European and Pacific rim markets including Japan, as well as major currencies, major crosses, gold and silver from one account. Customers can monitor their accounts on-line, where the in-built backoffice updates margin requirement and customers’ equity with every price movement.
“The timing of our on-line trading launch is very appropriate, as the investors are re-discovering the equity markets after the Stock market debacle of 2000 to 2002. After seeing the lows in March 2003, all major stock markets have bounced back strongly and gained in the range of 30 to 45% from their March lows. The world economic outlook has improved significantly during 2003 and is expected to improve further in 2004. Very low interest rate environment together with improving world economic growth is expected to give further boost to the world equity markets in 2004” Mr. Rajinder Kumar explained.
Tuesday, October 21- 2003 @ 11:09 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.