Oanda, an innovative foreign exchange leader that provides Internet-based forex trading and currency information services, has formed the Oanda Middle East Corporation and opened a Dubai office.

The Dubai office has been set up at the Dubai International Financial Centre (DIFC) under licence from the Dubai Financial Services Authority.

“Growing sophistication, security and ease of use of Information Technology platforms have given a tremendous boost to the financial sector. We welcome Oanda and we are sure that it will add value with its technological expertise to the region's financial sector,” stated Abdulla Mohammed Al Awar, chief executive officer of DIFC.

“Our focus on technology makes us a good fit in the Middle East, which is a sophisticated market with a clear need for equitable and fair FX trading,” added Oanda’s president and CEO Michael Stumm.

The Oanda FXTrade platform boasts a long list of innovative firsts, including any-size trades and immediate execution with no requotes. The platform offers automated 24/7 trading, which will better accommodate the typical Sunday-Thursday work week in the Middle East.

Paul Hayward, who has been appointed Managing Director of Oanda Middle East Corporation, will focus on high net worth investors and institutions in the Middle East and their need for ultra competitive spreads and consistent liquidity. Hayward brings more than 25 years of foreign exchange experience to his position at Oanda.-TradeArabia News Service