ICAP plc (IAP.L), the world’s premier interdealer broker operator of the leading spot FX trading platform EBS, announced today that Swiss Gold DMCC has become the first non-bank EBS spot metals trader in the Middle East, operating from Dubai. Swiss Gold DMCC is part of Swiss Gold group, which is a leading bullion trader and jewellery wholesaler in Dubai.
Swiss Gold DMCC will be accessing EBS through EBS Prime, a facility that enables customer banks to view and trade on the best prices available to the world's leading FX and metals banks on the EBS system. Access to tighter prices and a greater depth of liquidity from the world's leading market making banks offers customers increased revenue opportunities and liquidity, improving their competitive position in the market.
Steve Toland, Head of FX Sales EMEA, ICAP Electronic Broking, said “We are pleased to welcome Swiss Gold DMCC as the first EBS metals Prime customer in Dubai. Dubai offers many exciting opportunities for global trading and ICAP is very pleased to be at the forefront of FX and metals trading in the region. Offering Swiss Gold DMCC access to the EBS global liquidity pool expands our footprint in the Middle East, building on our long term presence in Bahrain and recent expansion into the greater Gulf region.”
Sarmad Hashemi, Head of Trading in Swiss Gold Group, said “We are delighted to be the first non-bank in the Middle East to trade using EBS, as this will help the company to establish itself within the local and global precious metal market. This will assist us to provide a better pricing system to our customers and will enable us to use and provide liquidity in precious metals market.”
ICAP is the leading trading venue for spot FX, forward FX, FX options and non-deliverable forwards for both electronic trading and voice broking. The EBS platform is an award-winning, screen-based anonymous dealing system for professional spot traders.