DFM Introduces Vendor Registration Program To Enhance Electronic Services Offered To Its Licensed Brokerage Firms

24/10/2013

  • The program offers vendors direct connectivity testing facility with the exchange for new or upgraded features
  • “Quod Financial” and “Financial Technologies” join the program… three other vendors on the way

During its participation in GITEX 2013, Dubai Financial Market (DFM) has successfully introduced a new registration service for technology vendors, which regulates the provision of Order Management Systems (OMS) and online trading solutions to brokers.

The service is aimed to further enhance excellence in information technology services provided by vendors to DFM- licensed brokerage firms will ultimately benefits investors in line with the Smart City initiative announced by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, UAE Vice President, Prime Minister and Ruler of Dubai ahead of the GITEX 2013 technology exhibition.

DFM has been in discussion during the GITEX exhibition with several vendors that seek to gain a competitive advantage by joining the service. It is one of a number of state-of-the-art electronic services showcased by the exchange at GITEX.

DFM has signed agreements with Quod Financial, represented by Ali Pichvai, CEO of the company and Financial Technologies Middle East, represented by Parag Ajmera, Chief Business Officer. The agreements have been signed by Hassan Abdulrahman Al Serkal, Executive Vice-President, Chief Operations Officer (COO), Head of Operation Division, on behalf of DFM.

The registration service supports DFM’s drive to further encourage electronic and mobile trading by its large investor base. In addition to the 2 vendors registered during GITEX, 3 other vendors are in discussion with the exchange to be enrolled to this program.

Commenting on this development, Hassan Abdulrahman Al Serkal said: “The new service is proving very attractive to software vendors due to the direct connectivity testing facility with the exchange for new or upgraded features, as well as a guarantee of early notice of system changes planned by DFM including application programming interface (API) amendments. “

“Vendors that choose to sign up to the program also benefit from technical support from DFM as well as advice on how to conform to its operating rules. Other benefits include greater visibility for vendors in the marketplace and enhanced trust from brokers in vendors who have satisfied DFM’s criteria for joining the service.”

Through this program, DFM is able to regulate the quality of Order Management Systems and online trading services that are received from vendors by brokers and their investor clients.